“Norway’s sovereign wealth fund includes many companies such as Shenhua Group, CONSOL Energy, BHP Billiton, Glencore and Anglo American actively investing in clean coal technologies, such as high-efficiency low-emissions coal and carbon capture and storage. These technologies can play a significant role in reducing global CO2 emissions,” Catelin said.
Increasing the average efficiency rate of all coal-fired power stations globally to modern efficiency standards of 45% would cut global CO2 emissions by 2.4 Gt annually — more than India’s total annual CO2 emissions. This is a serious and achievable step toward meeting the challenge of climate change.
“When 1.3 billion people worldwide lack any form of access to energy, we should be balancing the urgent need to address global warming alongside the need to alleviate energy poverty. Divestment campaigns are not solutions to either of these challenges,” said Catelin.