No industry succeeds for very long by sticking to old technologies and processes. Sure it's easier in the short term to use the old ways and to shun investment in new technologies, but in the long run, whether it's coal, cars, or computers, it is a sure-fire recipe for obsolescence. Although the new ruling puts a temporary halt to the construction of new coal-fired power plants, until the proper rules and carbon-sequestering technologies can be developed, it does not reduce the current demand for coal by a single lump. The executive director of the Wyoming Mining Association, Marion Loomis, put it this way in a statement to the Associated Press, published by MSN's Moneycentral.com, "We're not selling to plants that aren't constructed, so the utilities that are taking Wyoming coal are... plants that are operating." The coal industry has nothing to fear from this ruling, and everything to gain.
What the New EPA CO2 Emissions Ruling Means
In order for a new coal-fired power plant to win approval, several things will need to happen. The EPA will need to develop specific rules about the acceptable limits for CO2 emissions, technology for reducing CO2 emissions to those levels must be identified or developed, and the proposed new plants will need to incorporate that best available technology to reduce CO2 emissions. It is thought that such a plan would involve the capture and storage of CO2, perhaps sequestering it underground where it would not contribute to global warming. With the current cost of alternative forms of energy, there is a strong incentive for power generators to solve these problems and develop the technologies that will restore coal, specifically clean coal, as the clear favorite energy source, not only of America, but of the world. In any case, it is now highly unlikely that any new permits could be issued before the incoming Obama administration takes control of the White House and environmental policy.
EPA CO2 Ruling is a Victory for American Business
Instead of ignoring the CO2 problem and helping power generators to ignore the pent up latent demand for clean coal technologies, the new ruling gives American entrepreneurs, be they big or small, a swift kick in the right direction. Since this country was founded, American ingenuity has been the strength and engine of our economy. We have never moved ahead by stonewalling innovation. The EPA CO2 ruling gives America the opportunity and incentive to become the world leader in the development of clean coal and carbon sequestration technologies. These are going to be huge growth industries over the next decades. America can and should be developing these technologies not only for our own next generation coal-fired power plants, but for the rest of the world as well.
Clearing the Road to America's Future
Coal-fired power plants are dramatically cheaper than nuclear power plants. By making these coal-fired power plants clean and removing the objection of unrestrained CO2 emissions into the atmosphere, the road can be cleared for the next step in reducing our dependence upon foreign oil. With abundant coal-fired power, we would have a cost-effective and American fuel source for our next generation of electric cars that will also help reduce greenhouse gas emissions. Currently coal-fired power plants are responsible for about 30% of the greenhouse gas emissions produced in the United States each year according to a report in Time magazine.
