Peabody Energy’s CEO Gregory Boyce speaks to delegates at the 21st World Energy Congress in
Montreal, September 14, 2010. (Photo courtesy of Reuters)
Boyce Calls for Global Energy Access by 2050 as a Human Right
Boyce said coal is a global “future fuel,” citing three global trends that will define the future of 21st century energy: Enormous and growing global need as billions of people around the world seek greater access to energy to improve living standards; the rapid growth of fossil fuels; and the leading role of technology in driving environmental progress.
“Energy is as essential as food, shelter and clothing. It helps people live longer and better. And it is a human right, just as increasing electricity intensity is a global reality,” said Boyce, who noted fossil fuels are the only resources with the scale to meet global demand.
More efficient and clean technologies to fully utilize fossil fuels will be critical to meet global environmental goals, said Boyce.
The world will use 50% more energy in the next quarter century, and Boyce said coal will play an essential role in providing this power. Coal has been the fastestgrowing fuel for the past decade, and coal’s market share is projected to grow.
Boyce also commented on Peabody’s plan to ensure full global access to electricity by 2050 by advancing clean coal technologies. He observed replacing the existing coal-fired fleet with efficient supercritical plants would drive major global reindustrialization and enormous emissions reductions, and carbon capture and storage would build on this progress.
“No other energy resource comes close to the power of coal,” Boyce said. “Replacing coal would take 1,800 times more solar than we have today...2.5 million wind turbines—and constant wind...1,150 nuclear plants...70 tcf annually of gas—three times the production of Russia...or 2,250 large hydro plants. All of these sources are important. Yet they cannot match the scale of coal.”
The world does not face a choice between more drilling or more wind, Boyce said. “We do not face a choice between clean coal or natural gas,” Boyce said. “The world in 2030 will need it all. The good news: There are solutions to meet environmental objectives and energy needs. Those solutions are technology- based. There are many potential options, and we should explore them all, but clean coal technology provides the lowest cost, low-carbon path.”