(27 September, 2015)
Pakistan Businessmen and Intellectuals Forum (PBIF) on Sunday said importance of coal cannot be undermined by the recent steps taken by US, EU and China to discourage its use on environmental concerns.
The fall in coal price is result of the steps taken by developed nations to reduce pollution but world is not in a position to ditch coal forever, it said.
The coal downturn is temporary as energy demand in Asia will grow by 31 percent in a decade which will be 300 percent higher than the current peak Saudi production, said PBIF President and former provincial minister Mian Zahid Hussain.
He said that neighbours of Pakistan, China and India would be using half of the globally available fuel in the next two decades in which coal would have an important role to play.
Mian Zahid Hussain said that China coal demand has reduced by six percent but India will fill the gap at New Delhi has no plans to reduce role of coal in its energy mix. India is projected to surpass China as number one consumer of coal in few years.
He said that Pakistan should not abandon or slow coal plans as world cannot afford the luxury of banning coal as claimed by some countries.
Some global investors have started buying coal stocks to profit as soon as the market for this fuel rebounds which can be used to predict future.
Pakistan has 175 billion tonnes of coal in Thar which is the best and cheapest option for India to satisfy its thirst of 204 million tonnes of coal.
Climate change and environmental pollution can be contained through technology while energy policies must be business friendly, he said.