MOSCOW, October 14. /TASS/. Europe’s gas crisis has revealed that it is still too early to completely abandon traditional energy resources, but ushering in modern technologies to the coal industry can significantly reduce harmful emissions into the atmosphere, Chief Executive of the Black Sea Trade and Development Bank (BSTDB) Dmitry Pankin told TASS.
"The situation with gas has demonstrated that it still premature to fully abandon traditional energy resources. The process of transitioning to renewable energy cannot be swift. The coal sector still provides about 40% of total electric power for the planet, despite the involuntary shutdown of many mines due to new environmental requirements. One cannot abandon such a volume in a short period without harming the global economy," Pankin noted.
Worldwide, Coal-fired power plants currently account for 35% of CO2 emissions and over 70% of total greenhouse gas emissions in the power generation sector, but innovative technologies can help significantly cut back harmful emissions into the atmosphere, the banking executive said.
"The coal sector definitely needs an upgrade. However, many development banks, for example, IBRD and EBRD, relying on ‘green economy’ slogans, do not invest in coal-based power generation projects anymore. BSDTB believes the quantity of harmful emissions can be reduced significantly with the aid of modern technologies throughout the industry. Our strategy specifies the continuation of investments into coal industry modernization projects that enhance environmental and social performance. With that in mind, coal can save mankind from cold winters again and again," Pankin stressed.
The banker pointed to technologies such as CO2 capture and storage systems that could be used for producing hydrogen from coal under the green new deal agenda.
"Just within 30 years’ time, hydrogen can cover a quarter of the global energy demand. What’s more, Russia has every chance of becoming a major player on this market. Considering the ‘green vector’ of development in the EU and the availability of an international gas supply system, hydrogen fuel production from natural gas might become one of the most efficient solutions. This opens the door to further opportunities for the Russian gas sector at large and for use of the Russian gas transport system in particular," the expert emphasized.