The Common Ground Approach to Emissions Reductions
At the U.N. Conference of the Parties in Bonn, Germany, Peabody at a panel sponsored by the U.S. Government said it intends to continue to promote today’s high-efficiency, low-emissions (HELE) coal-fueled generation technologies and carbon capture, use and storage over time as essential to meeting the world’s goals around low-carbon energy sources.
“How does society square the interests of a world in which leaders have identified a goal of reducing greenhouse gas emissions, even as global coal demand is strong and scores of new coal-fueled generating plants continue to be built every year?” said Peabody Vice President of Coal Generation and Emissions Technologies Holly Krutka. “At Peabody, we believe that technologies offer the best common-ground approach with the widest appeal and greatest chance of meeting the world’s many energy demands and emission-reduction goals.”
During the past five years, about one new 500 megawatt coal-fueled power plant came on line every three days, with many using HELE technology. HELE coal plants result in a smaller environmental footprint, achieving as much as a 25 percent reduction in a plant’s carbon dioxide emissions rate while also achieving overwhelming reduction in conventional emissions.
Peabody also believes that longer-term investments in next-generation carbon capture are needed to transition toward energy from coal that is virtually free of emissions. Studies have shown that the costs of achieving the goals of global climate agreements would more than double without the inclusion of carbon capture, and researchers have stated that excluding carbon capture from the mix increases the median estimated mitigation costs from about 2 percent of global gross domestic product (GDP) annually to a stunning 5 percent of GDP.
Peabody has invested $300 million over the past two decades in global partnerships and projects in Australia, China and the United States to deploy today’s clean coal technologies and advance next-generation solutions toward near-zero emissions from coal plants. The company also annually honors companies that have demonstrated leadership and innovation in clean coal technologies through the Global Clean Coal Leadership Awards. The awards were established to showcase coal-fueled power plants for top environmental performance, highlight innovative leadership and improve education about the benefits of clean coal technologies.