The World Coal Association (WCA) welcomes Moody’s call for accelerated investment in CCS technology in its latest Investors Service report.
WCA Chief Executive Benjamin Sporton says:
- We know the world will continue to use fossil fuels for decades to come, especially in developing and emerging economies, that’s why CCS is vital if we are to meet global climate objectives.
- CCS is the only technology able to eliminate emissions from coal and gas-fired power plants, and is also one of few technologies that can address emissions from industrial processes, including the production of steel, cement, and other chemicals, all of which will remain critical building blocks of modern society.
- In order to meet global targets, the Global CCS Institute reckons we need over 2000 CCS facilities around the world by 2040. Today there are only 37 large-scale CCS projects: 21 of which are either in operation or construction, five in advanced planning and 11 projects in earlier stages of planning.
- The Intergovernmental Panel on Climate Change (IPCC) has always maintained that without CCS, achieving the Paris Agreement goals is almost impossible.
- This is why we are pleased to hear President Trump’s support for cleaner coal technologies which includes CCS and urge him to work with the industry to accelerate deployment.
- Most of the technological barriers to CCS have now been overcome. What we need now is policy support and investment to drive increased deployment.”