Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Last week the UN Secretary-General, Ban Ki Moon, announced the formation of a High Level Group on Sustainable Energy for All. The group is to be led by UNIDO Secretary-General Kandeh Yumkella and Bank of America Chairman Charles Holliday.
Access to energy is a key development challenge. According to the International Energy Agency (IEA) 1.4 billion people worldwide lack access to electricity, with another billion having to deal with unreliable electricity networks.
In November the IEA will be releasing the World Energy Outlook 2011 (WEO). In a video previewing WEO’s release IEA Chief Economist Fatih Birol said:
“Coal is a key fuel. And when we look at the last 10 years, the global energy mix, if it increased by 100 units – coal, oil, gas, everything put together – 50 units are coming from coal. A backbone of electricity generation of today, and according to the analysis will stay so with the current policies in place.”
Even more importantly coal is expected to play a significant role in providing the increased electricity required to meet the energy demands of those who currently lack access to electricity.
If the world is to meet global emissions reduction targets while meeting the ever-growing demand for energy, then advanced coal technologies – such as high efficiency low emissions power generation and carbon capture and storage – must be supported by governments and other international institutions.
It is therefore essential that the role of coal in meeting energy access objectives is given due consideration alongside other energy sources. The coal industry is committed to a sustainable energy future in which the world succeeds in addressing both its development and environmental objectives.
The High Level Group must recognise that coal will be part of securing a sustainable energy for all.
Comments
CoalPortal
While for some an ideal world would see no reliance on thermal coal (steam coal) to produce electricity, coal statistics would suggest the commodity isn’t going anywhere. Coal reports show if we have to live with it, we may as well reduce the impact of coal and CCS seems to be the best solution found to date. Cherry http://www.coalportal.com