It’s time for the coal industry to buck up and start telling its story better according to Peabody Energy CEO Greg Boyce who told the AFR that “coal always wins out”.
Peabody, which owns assets in Australia such as the Wambo mine in the Hunter Valley, is one of the world’s largest coal miners.
Boyce seemed as pragmatic as he was triumphal when he said:
There is a reason why coal has been the No.1 fuel in the world for the last 10 years, and why it is projected to be No.1 over the next 10 years: because it always wins out.
From a global perspective, 80 per cent of our energy comes from fossil fuels. It’s going to be that way for the rest of our lifetimes and beyond.
Indeed with nuclear on the outer after Fukushima and solar and wind yet to fill the global electricity breach it is easy to see the source of his optimism.
But Boyce also says the coal industry has a better story to tell than many appreciate.
“If as an industry if we spent more time educating, if we all spent more money, we would have less of these symbolic moves, which are really done without a full knowledge of the equation”, he said.
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