The application of advanced technologies in the use of the world’s coal resources presents a ready-today solution for energy policymakers worldwide, it said following the COP21 summit in Paris which sought to limit global warming to 2 degrees above pre-industrial levels by 2020.
“To illustrate, moving the current average global efficiency rate of coal-fueled power to supercritical levels could deliver the equivalent environmental benefit of reducing India’s CO2 emissions to zero,” Peabody said.
“Policy measures are urgently needed to accelerate development of carbon capture and storage (CCS) technologies, which according to the IEA must contribute one sixth of total emissions reductions by 2050.
“One option is financial incentives for the design and construction of HELE projects which are CCS-ready. Another is support for academic research initiatives on the clean utilization of coal.
“Given their similar greenhouse gas profiles, power generation with CCS technology should be provided with policy preferences comparable to those afforded to electricity projects fueled by solar and wind.”
Finally, financing support for HELE projects using coal is an important instrument for policymakers to encourage advanced technologies for electricity production, according to Peabody.
“Multilateral funding sources are also beneficial, and can assist countries where the cost of deploying advanced technologies is prohibitive. Additional incentives should be provided for private sector investments which result in further increases in power generation efficiency,” it said.
