Coal is the sole largest source of carbon dioxide emissions from energy. This cheap fuel is also the primary fuel used in electricity generation globally. If we are to make headway in controlling the climate crisis, the use of coal must decrease significantly. This may not be easy as it sounds, however, especially because energy security is a vital part of the global economy.
So, how can we phase out the use of coal in favor of clean energy without running into any short-term energy issues? Below are a few suggestions from the International Energy Agency (IEA) on how this can be done.
- The best time to start is now
Decarbonizing various sectors by significantly reducing coal-related emissions should be the first priority. The use of coal varies from one country to another, with the biggest consumers of the fuel being China, India, the United States, Germany, Russia, Japan and South Africa.
Given that coal made up more than 35% of all electricity generation in 2021, we have a lot to do, especially if we are to meet the targets set in the 2015 Paris Agreement.
- Ramp-up generation of clean energy and infrastructure
Countries should focus on building infrastructure for the generation of clean energy from solar, geothermal and wind while those with existing infrastructure should focus on scaling up energy generation. The increasing use of cleaner energies, especially when provided at a subsidized rate, will significantly decrease the use of coal.
- Introducing innovative financial strategies to speed up transition
Establishing the right policy frameworks and directing investments into the right channels to fund the transition to clean energy while also meeting the growing demand will help speed the transition and help enable change.
- Restricting development of new coal-fired power plants
The IEA highlights the need to stop approving the construction of new coal plants while also slowing new projects. The agency also notes that the remaining plants will greatly benefit from carbon capture, utilization and storage (CCUS) technologies, which reduce the emissions from coal.
- Find and implement solutions to reduce emissions in the short-term
Industries such as the steel and cement industries are far from ditching the use of coal completely, especially since there are currently no clean alternatives. In the short-term, increasing efficiency and switching fuels may help mitigate emissions. It should be noted, however, that new technologies will be needed in the long-term.
Additionally, public financial support, global cooperation and well-designed integrated approaches that incorporate the need for people-centered transitions are key components needed to successfully phase out the use of coal.
As the world gradually transitions away from coal, extraction companies such as Alliance Resource Partners L.P. (NASDAQ: ARLP) may have to pivot and evolve in order to remain relevant amid a shift away from coal.
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