Modern coal technologies can help achieve global climate goals while supporting socio-economic development, according to a new report released by FutureCoal.

The report, titled "Roadmap for a Sustainable Coal Value Chain", highlighted the potential of advanced coal technologies to reduce up to 99% of emissions including CO2, and enhance the growth prospects of developing and emerging economies.

FutureCoal strives to secure sustainable business opportunities in the coal value chain through Sustainable Coal Stewardship. It suggested that high-efficiency low-emissions (HELE) coal plants and carbon capture and storage (CCS) technologies could annually cut CO2 emissions by up to 1.412 billion tonnes, equivalent to removing 310-560 million SUVs from roads worldwide.

Replacing traditional coal-fired power plants with ultra-supercritical facilities, which employ pulverized coal combustion technology for power generation, could generate $1.5 trillion for the global economy, the report said. In comparison, substituting coal with alternative energy sources would incur an additional cost of $2.7 trillion due to reduced output.

Coal's importance extends beyond power generation, as it remains indispensable for producing steel (70%), cement (90%), and aluminum (60%). It is also a source of cost-effective hydrogen and critical minerals such as copper, cobalt, and nickel, and is essential for renewable energy and battery storage, the report noted.

The authors stated that despite efforts to boost decarbonization, coal still accounts for 36% of global electricity generation and has proven its reliability as an energy source in multiple markets including Europe and North America.

Phasing out coal prematurely could lead to substantial economic strain, considering each country's unique stage of development and energy requirements.

Rather than rushing to replace coal with renewables alone, the report advocated for the integration of advanced technologies as a key element in transitioning towards net-zero emissions.

The cutting-edge coal technologies in diverse applications, from power generation to non-power usage, will prioritize reducing emissions and fostering a circular economy in the coal industry.

These technologies offer a practical approach, generating clean and efficient power while simultaneously capturing emissions to create beneficial by-products. The proposition for coal is gaining strength through ongoing innovation and investment, favoring its value and sustainability.

Paul Baruya, FutureCoal's director of strategy and sustainability, stated that this report challenges the conventional perception of coal, stressing its versatility and significance to industrial advancement and economic progress. Strategic investments in advanced coal technologies may offer economic solutions on a global scale.

Meanwhile, the report pointed out coal's positive impact on communities around the world, fostering job creation and providing essential resources for food security and infrastructure. It calls for enhanced collaboration along the coal value chain to unlock opportunities through innovation and technological transformation.

Over the past year, FutureCoal's Sustainable Coal Stewardship roadmap has been instrumental in reshaping stakeholders' perspectives on coal, Baruya said, adding that the report demonstrates how a unified global value chain can pave the way for a sustainable and responsible coal future.