WCA highlights vital role of coal to global development & criticises coal divestment proposal
The World Coal Association (WCA) says the Norwegian Government needs to discuss recent coal divestment proposals with the industry to better understand the vital role of coal in meeting global development and environment challenges.
Milton Catelin, WCA Chief Executive, stated: “Norway’s sovereign wealth fund includes many WCA companies such as Peabody Energy, Shenhua Group, CONSOL Energy, BHP Billiton, Glencore and Anglo American who are actively investing in clean coal technologies, such as high-efficiency low-emissions coal and carbon capture and storage. These technologies can play a significant role in reducing global CO2 emissions.
“The coal divestment proposal ignores the vital contribution coal makes globally to economic development and poverty reduction and will do nothing to address the global challenge of climate change. Divesting coal assets does not reduce demand for coal; instead it reduces investment in companies serious about addressing its environmental challenges and may lead to investment in companies less interested in clean coal technologies.”
“The World Coal Association will be collaborating with key members of the Fund to arrange a meeting with the Norwegian government to discuss how Norway can make a meaningful contribution to the global energy and environment challenges we face,” Mr Catelin stated.
Increasing the average efficiency rate of all coal-fired power stations globally to modern efficiency standards of 45% would cut global CO2 emissions by 2.4 Gt annually – more than India’s total annual CO2 emissions. This is a serious and achievable step toward meeting the challenge of climate change.
“When 1.3 billion people worldwide lack any form of access to energy, we should be balancing the urgent need to address global warming alongside the need to alleviate energy poverty. Divestment campaigns are not solutions to either of these challenges,” said Mr. Catelin