Friday, October 26, 2007

Arch Coal: CEO Leer Calls for Action on Global Warming

Now that's a headline!
From Energy Central

Energy Biz: The link between coal burning and global warming is strong.
As an industry, what do you think the best response is going to be?

Leer: The ultimate answer is technology. If you really are serious about stabilizing CO2 concentrations in the atmosphere, the only way to achieve that in any meaningful fashion will be to invest more in coal, not less.

Emissions from power plants account for one-third of the U.S. emissions of CO2. When you look at the generation of power in the U.S., coal provides roughly about 52 percent. When you look around the world, coal use is growing faster than every other fossil fuel, particularly in developing Asia. China and India do not have any oil and gas to speak of, but they have a fair
amount of coal. They’re using it.

EnergyBiz: A lot of hope is tied to developing carbon sequestration and that’s not a proven technology.

Leer: The only way you can be serious about stabilizing CO2 concentrations is that the United States and Europe invest in carbon sequestration technology, carbon capture technology and get on with it. We need 10 to 12 years and a meaningful investment of a couple billion dollars a year in these technologies, but we can get there. In the energy world, a 10-year time frame is extraordinarily short to bring on major projects....More (7 page PDF).

From EnergyBiz's snapshot:

Produces 11 percent of U.S. coal
Provides coal to generate 6 percent of U.S. electricity
...Employs 4,000