Oct. 29, 2009 (PR Newswire) -- BRISBANE, Australia, Oct. 29 /PRNewswire-FirstCall/ -- Continued robust use of coal and broad deployment of clean coal technologies is crucial for Australia's energy and economic future, according to a multi-disciplinary study released today by The University of Queensland (UQ): "Coal and the Commonwealth." Coal has shaped Australia's history and is essential to its prosperity, creating 20 percent of the nation's mineral wealth, 81 percent of its electricity and the largest coal export platform in the world.
The study is edited by UQ Professors Peter Knights and Michael Hood and presents findings of UQ experts from a number of disciplines including Mechanical and Mining Engineering, Chemical Engineering, History and Economics. Commissioned by Peabody Energy, the study analyses the historical, social and economic contribution of Australia's coal and outlines the importance of Australia's leadership in advancing carbon technologies.
"It is important to recognise coal's important relationship with Australia," said Professor Knights. "By providing information on coal from the history of Captain Cook's Endeavour to the progress toward carbon capture and storage, the study promotes informed and balanced discussion at a critical time of public debate."
"Australia's coal drives the next generation of improved lifestyles, economic stimulus and technology advancement toward near-zero emissions," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "Coal has transformed society over hundreds of years by fueling industrial revolutions and digital economies. It's the pride of Australia's past, and the pride of its future."
Key highlights of the study include:
-- Coal is the world's most abundant fuel, with trillions of tons of
reserves worldwide. Australia has more than 260 years of high quality
reserves, a resource that will outlast oil and natural gas by centuries.
-- Coal resources are widely available around the world, overcoming
concerns about energy security that are often expressed about oil and
gas, where global resources are concentrated in the politically unstable
Middle East and Russia. Coal has been the world's fastest-growing fuel
in each of the past six years.
-- The world will continue to rely on coal for electricity generation, with
coal forecast to continue to fuel a significant portion of the world's
power generation (up to 38 percent) by 2015. China and India will lead
this growth, which is expected to account for more than 50 percent of
world coal growth.
