TMS Ship Finance & Trade Conference 2020

IEA wake-up call

(Posted on 20/12/19)

“The IEA Coal Market Report 2019 is a reminder that coal and coal use is a reality. It’s time for a sensible discussion and collaboration to bridge the gap between the real and ideological worlds,” said Michelle Manook, World Coal Association Chief Executive. The World Coal Association is a membership association, representing the coal industry at the global level.

The WCA Chief Executive, Michelle Manook, has extended her first six months, attending the IEA Coal Market Report 2019 launch in Johannesburg, following roadshows throughout Australia, Canada, China, Europe, India, Indonesia, Japan and the United States, where she met with key government ministers and senior bureaucrats, investors and industry stakeholders. Reflecting on her time she commented:

“The world simply cannot ignore the reality of coal – global demand is expected to reach 5624 Mtce in 2024. If we are to have any chance at meeting our global environmental aspirations – we must come together. Most concerning is that there is messaging being perpetuated that coal cannot be part of the low carbon solution. This is simply untrue. The entire coal value chain needs to unite in support of the coal industry to educate a global public that is largely unaware of how coal contributes to economic growth and everyday life.”

Acknowledging that this cannot be done in isolation of governments or investors, she highlighted:“The IEA Executive Director’s ‘all fuels and all technologies’ mantra is a framework for industry, government and investment policy collaboration and success to deliver both meaningful economic and environmental outcomes. It’s vital that we see a level playing field for all low emission technologies, to ensure rapid and mass deployment of clean coal technologies.”

“This is particularly important in Asia, which is driving demand for coal. These economies require abundant and low-cost sources of energy to power economic transformation and continue to identify a role for coal in their future energy systems. It is for this reason that in 2018 China, India and Southeast Asia have commissioned a total additional 50Gw of coal-fired capacity.”