Coal India Ltd will invest around $54.5 billion in abated coal projects over the next decade, said Michelle Manook, Chief Executive Officer of the World Coal Association now renamed as FutureCoal while talking about the need for deployment of abated coal solutions for energy transition.
“There is still very much a foreseeable and significant future for coal that goes beyond traditional uses because any responsible energy transition must include abate coal as part of the solution,” Manook said while addressing the media at the re-branding of the World Coal Association as FutureCoal Global Alliance.
The alliance is looking for an inclusive all fuels and all technologies international policy framework and believe that coal is crucial for economic development and emissions abatement.
However, there is a need for more financing in the sustainability of coal industry to achieve equitable energy, the association believes.
“India as a country cannot depend on imports for energy. It already incurs huge costs because of oil and gas imports,” said Sunil Chaturvedi, board member of FutureCoal Global Alliance.
Further, the association expects the share of coal based capacity at around 20% by the end of 2040 as government bats for increasing the share of renewable energy capacity.
“We must not compromise on coal power but we must also make sure that we are initiating all of the abatement opportunities that are available to us today,” Manook said.
The members also highlighted that the lower global coal IQ owing to the anti-coal sentiment in the market has diminished the capacity and progress of many developing and emerging nations and is now on its way to impact developed countries.
The International Energy Agency had earlier projected strong growth in the global demand for coal in the current financial year due to strong growth in Asia for both power generation and industrial applications.