Coal will continue to be the engine that carries the nation forward. But it will have to be re-invented to comport with changing environmental and economic standards.
That is the tone set by the National Coal Council, which in a presentation to the U.S. Department of Energy says that "clean coal" will become the foundation of national energy policy. It provides energy security and economic prosperity -- all at a time when the global demand for power and gas is expected to continue rising.
The coal group has a tough job ahead. The international community is focused on reducing global warming pollution and on promoting the use of alternative fuels. As such, state regulators in this country are clamping down on proposed coal facilities while key investment bankers have said they will compute the cost of carbon emissions when deciding how much to charge for such loans.
But pragmatics suggests coal will remain central to both the U.S. and global economies. New ideas must therefore come to the fore, which will invariably lead to more inventive uses of coal. Market-based economies are built on the free flow of capital and the formation of new innovations. With the right incentives and under the proper conditions, enterprises will introduce relevant products and services. Innovation is needed in the energy sector, where fuel shortages and high prices rule the day.
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