The former CEO of consumer goods giant Unilever (NYSE:UL) has said it was “disappointing” that the Glasgow Climate Pact’s language on coal was watered down, but expressed hope that it will be firmed up at the COP27 and COP28 summits in Egypt and the United Arab Emirates.
Paul Polman appeared philosophical about the deal agreed at COP26, in which India and China insisted on a last-minute change of fossil fuel language — from a "phase-out" of coal to a "phase-down."
It was "disappointing that we had to water down the wording on coal to … phase down," he said, "But I believe that the direction again once more is set and that we will accelerate. If that is the compromise in the interim, hopefully in Egypt or in Abu Dhabi we’ll have phase out — there’s no other choice.
“We have to, it would be stupid not to,” Polman went on to state, before taking aim at Australia, a country where coal still plays an important role.
"Australia has to realize that as well: 56% coal, still, in that country, is unsustainable," he said. "One of the highest emissions per capita in the world, it’s unsustainable."
"And for the prime minister to run around, Scott Morrison, to say the free market will take care of that, it’s just beyond naive.
“And I think the rest of the world will not let that happen anymore," Polman, who is the co-founder and co-chair of the social venture Imagine, said. "We’re all in the same boat: it’s called planet Earth."
According to figures from the Australian government, fossil fuels accounted for 76% of total electricity generation in 2020, with coal’s share coming in at 54%, gas at 20% and oil at 2%. In 2019, coal was responsible for 56% of total electricity generation in Australia.
Last Monday, Morrison was asked if he agreed that COP26 had sounded the death knell for coal, a reference to comments made by U.K. Prime Minister Boris Johnson after the summit had wrapped up.
According to the International Energy Agency, coal’s share of global electricity generation in 2019 was 36.7%.
While it remains an important source of electricity, coal has a substantial effect on the environment and the U.S. Energy Information Administration lists a range of emissions from coal combustion.
These include carbon dioxide, sulfur dioxide, particulates and nitrogen oxides.
UL shares began Monday up 9.5 cents to $51.56.
