Five priorities to improve global energy policy

November 12, 2014 | By Barbara Vergetis Lundin

China, Australia and the United States all have important policy lessons to share when it comes to alleviating energy poverty, creating low-cost energy access, and improving emissions. That is according to Gregory H. Boyce, Peabody Energy's chairman and CEO, who recently met with heads of state and CEOs at the 2014 Asia-Pacific Economic Coordination (APEC) Summit in Beijing.

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For example, China has used coal to lift 650 million from poverty since 1990 during which time gross domestic product (GDP) increased 850 percent and use of coal-fueled electricity increased eight-fold, which the International Energy Agency called "an economic miracle."

Australia elected a new government last year to repeal the carbon tax, which created an economic burden in excess of $100 million per week. Repeal of the tax is expected to save the typical family $550 each year in electricity costs.

Finally, the United States has achieved significant emission improvements through steady stair-step investments in advanced coal technologies and today has some of the best air quality in the world, according to Boyce. Coal used for U.S. electricity increased 170 percent since 1970, as GDP doubled and the key emissions rate per megawatt hour was reduced 90 percent.

Boyce has a plan to build on these types of achievements, which includes supporting five priority policies:

Elevate the issue of energy inequality as a major priority for policy and action by APEC members and G20 nations.
Recognize the tremendous impact of energy policy on all citizens and the importance of keeping energy available and costs low with any new energy policy recommendations demonstrating how energy access increases and energy affordability is strengthened.
Embrace a true "all of the above" energy strategy that recognizes all quantifiable benefits and limitations for each fuel alternative.
Support continued investment in advanced coal technologies to minimize emissions and drive down costs.
Promote development bank funding to expand broad electricity access in emerging markets.

As the International Energy Agency predicts electricity demand growth to climb increase nearly 70 percent by 2030, and hundreds of millions of people are expected to migrate to cities requiring more power, addressing the immediate needs of the energy impoverished must be coupled with satisfying longer-term needs, according to Boyce.

All fuels are needed to address these challenges, including 21st century coal given its large scale, low cost and low emissions profile, Boyce said.

In 2009, the concept of 21st century coal was introduced by the governments of China and the United States in the context of an international partnership to advance clean energy solutions from coal, and includes high-efficiency supercritical generation as well as advanced coal technologies that drive ultra-low emissions.

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