Dirty Coal A Likely Winner in 2009
As the financial crisis continues, most people think of the job cuts and profit losses, but the global environment may be one of the biggest losers in the current economic downturn, Newsweek reports.
Low prices for oil has made it relatively more expensive to invest in green energy, but not for dirty coal – which accounts for about 40 percent of the world’s CO2 emissions. There is plenty of fuel and its prices has fallen about one third since las summer’s peak of $80 per ton. Dirty coal is now becoming cheaper relative to other fossil fuels, such as natural gas and oil.
The EU has no money for its plan to build a dozen “zero-emission plants,” and the European price for CO2 is too low to lure investors to this technology. In addition, the value of emission credits to attract investors to build clean-coal plants have also dropped, making green energy less attractive and dirty coal a likely winner in 2009.
In 2008, coal industry magnates, who stand to lose big if new pollution standards become law, reportedly spent between $35 million and $45 million on advertising this year pitching “clean coal” as a new environmentally friendly fuel.
Stay Up-to-Date On Environmental Management, Energy & Sustainability News with EL's Free Daily Newsletter
Energy Manager News
- Passive-House High-Rise to be Airtight
- Greensmith Offers ‘Second Opinion’ on Energy Storage Systems
- Commercial Tankless Water Heater Handles the Demands of Business
- Booz Allen, Siemens, Power Analytics Score 16 Microgrid Projects
- NH City to Save $500,000 Annually with LED Streetlights
- Australian College Uses Energy Storage
- LED Boosts Light Output 50%, Uses Existing Drivers
- Energesco Wins Energy Efficiency Contracts for Multifamily Buildings in Maryland