The Reality Blog

Coal’s two cents

The coal industry loves to give their two cents on the yet undeveloped technology to capture and store carbon pollution from burning coal (CCS).

They say this technology is the answer to reducing carbon emissions, and while we wait for it to be developed, they say we should just go ahead and keep on burning dirty coal and building new dirty coal plants.

But when it comes to actually investing in this technology, two cents is all the coal industry is willing to give, literally.

According to a recent “60 Minutes” report and an analysis by The Center for American Progress, the coal industry’s investment in CCS technology amounts to a paltry two cents on every dollar of profit — or less.

“60 Minutes” interviewed Jim Rogers, the CEO of Duke Energy, a major producer of coal power:

Asked how much Duke Energy has invested in carbon sequestration technology so far,” Rogers said, “We have not invested any dollars in the technology, per say. We have spent a lot of time and money reviewing and analyzing the various technologies.”

The Center for American Progress analyzed investments by all 48 of the American Association for Clean Coal Electricity (ACCCE) member companies, including Duke, finding:

Like Duke, ACCCE’s other member companies are much more committed to the idea of clean coal than investing to make it a reality—as their research budgets demonstrate. An analysis of their investments found that they spent less than two cents in research on “clean coal” for every $1 of profit.

This year, ACCCE is gearing up to spend an incredible $40 million on ads and PR selling the idea of carbon capture to the American people.

Why is ACCCE spending so much money to sell the idea of a product that doesn’t exist and that they’re not even willing to truly invest in?

It’s all part of the clean coal smoke screen, to keep us burning dirty coal for as long as possible. Of course, if ACCCE has a different answer, we’d love to hear their two cents.