On the second day of the IEA's world energy investment report 2020, the world coal association, a global representative of the coal industry, said that the ongoing actions aimed at divestiture of shares in coal projects did not meet the energy targets.
WCA said that novel coronavirus pneumonia is facing a huge challenge as a result of the new crown pneumonia pandemic, despite calls for mobilizing investment to support clean energy transformation. IEA's report highlights the challenges posed by the new crown pneumonia pandemic.
"Any credible energy and climate policy has to focus on all fuels and technologies, which becomes even more important," the WCA said in a statement. The current divestment campaign will not achieve these aspirations. "
The industry body also said the call for divestment of coal did not recognize the growing energy demand, the continued role of coal and the importance of technology in adapting coal use to global emissions reduction efforts.
According to the WCA, the huge mitigation potential of clean coal technology has invalidated the central argument of the "decarbonisation campaign". In spite of the gradual elimination of coal in Europe, the significant development in Asia in the next three years means that the global coal power scale will increase by about 40 GW.