While economically good countries are phasing out their coal-fired power plants, India and Southeast Asian countries are almost obliged to use even more coal to meet rising electricity demand. Investments in carbon capture and storage are more than necessary.
Coal consumption and economic growth go hand in hand
Indonesia, Vietnam, Malaysia and the Philippines have no choice but to generate electricity by powering up coal-fired power plants to produce enough electricity. India even foresees a 3.9% increase in coal consumption annually. Coincidentally, it is also countries that are economically on the right track and therefore need a lot of electricity for this further development.
While economically prosperous countries are investing heavily in renewable energy and closing their coal-fired power plants for good, the question arises as to whether investment in the development of carbon capture and storage technologies is needed. Existing projects in the United States and Norway are not cheap. Countries that still use coal-fired power stations certainly do not have the means to capture massive carbon and store it underground. The key question remains whether the infinite financial resources for possible investments in carbon capture or storage are not better used for renewable energy projects. It remains a dilemma, but as long as coal produces high greenhouse gas emissions, investments will have to be made in expensive carbon capture and capture projects.
Good news too
Analysts predict that coal consumption will rise in certain parts of the world in the coming years before falling again. China, one of the largest consumers of coal, has a plan in place to reduce the number of coal-fired power plants and further invest in renewable energy sources.