World Coal Association Says Divestment Movement Will Not Help Meeting Energy Goals
June 15, 2020 - A day after the International Energy Agency (IEA) released its World Energy Investment Report 2020, World Coal Association (WCA), the global representative body of the coal industry, said the ongoing movement aimed at divestment of stake in coal projects is not in line with the energy goals.
Callig for mobilization of investment to support clean energy transition, WCA said the IEA report highlights the huge challenges being faced because of the COVID-19 pandemic.
"It makes it even more vital that any credible energy and climate policy must focus on all fuels and technologies," WCA said in a statement. "The current divestment movement is not going to deliver on these aspirations," it added.
The industry body also said calling for divestment from coal does not recognise the reality of growing energy demand, the continuing role of coal and the importance of technology in enabling coal use to be compatible with global efforts to reduce emissions.
The significant mitigation potential of clean coal technologies invalidates the central argument of divestment campaigns, according to WCA. Despite retirements in Europe and US, significant developments in Asia over the next three years mean there is a net growth in the global coal fleet by around 40 Gigawatt.