0:05 Well, good morning distinguished guests
0:07 and colleagues and partners. Thank you
0:09 for the opportunity to speak with you
0:12 today um on what we believe is a vision
0:16 for Cole's uh sustainable future and on
0:18 the role of cooperation in shaping that
0:21 future. And I know that there's um
0:24 probably going to be a real um
0:27 reflection on the word sustainable um as
0:29 we move forward. And certainly when I
0:33 became chief executive of what is future
0:35 coal now in 2019,
0:38 the industry was quite simply vilified
0:40 and the media declared Cole's
0:43 elimination. But banks and governments
0:45 raced to adopt those exclusionary
0:48 policies. And for many, the question was
0:52 not if coal would end, but but when.
0:54 Over the past five years, I've cautioned
0:57 against that ideology. Coal was never
1:00 going to disappear within the decade.
1:03 Investment was never going to collapse.
1:05 And above all, billions of people in
1:07 developing and emerging nations were
1:10 never going to be denied their right to
1:13 affordable, reliable, secure energy and
1:15 the foundation for lifting people out of
1:18 poverty and placing nations on the path
1:22 of to prosperity. um as we've definitely
1:25 seen China utilize and certainly India
1:29 well on this path today reality is
1:32 catching up and the International Energy
1:35 Agency who once confident about peak
1:38 coal now conceds that demand will
1:41 plateau with no visible decline in
1:44 sight. Electricity use is surging,
1:47 driven by mass electrification,
1:50 expanding air conditioning and heating
1:52 and the rise of energyintensive data
1:55 centers powering artificial
1:58 intelligence. In 2025 alone, global
2:02 demand is expected to grow by more than
2:05 3% with coal remaining the single
2:09 largest source of power at 33%.
2:12 And these realities confirm what coal
2:14 producing and consuming nations,
2:17 especially those in the Azen, have
2:20 always known that coal remains the
2:23 anchor of energy security, the
2:25 foundation of growth and the pillar of industrialization.
2:27 industrialization.
2:30 And as I said those five years ago when
2:32 we started this journey for me as the
2:36 CEO words like energy affordability and
2:40 security um were just not spoken about.
2:42 So it's quite important that across this
2:46 region coal has empowered economic and
2:48 technology uh technologic uh
2:50 transformation and this is actually
2:53 quite positive and almost role modeling
2:56 um what needs to happen in the future.
2:58 As we well know in this room in
3:01 Indonesia, nearly 50 gigawatts of coal
3:04 power underpin the economy, including
3:06 more than 11 gigawatts from captive
3:09 plants that supply the energy directly
3:12 to industrial zones, contributing over
3:15 20% to GDP. And these plants shield
3:18 manufacturers and essential services
3:21 from grid instability, preventing losses
3:24 exceeding in the billions um each year.
3:26 And to sustain this growth, Indonesia
3:30 plans to add almost 27 gawatt of new
3:33 capacity over the next seven years. And
3:35 this is of most interest to the western
3:37 nations that I meet with in terms of
3:40 governments around the world. And most
3:41 of that, as we know, will be through
3:45 captive power. Elsewhere in Vietnam, the
3:47 power development plan 8 and the
3:48 Philippines expansion of coal for
3:51 stability and Malaysia's responsible
3:54 transition pathway all show and
3:56 demonstrate that reliable affordable
3:58 power is just non-negotiable for
4:02 competitiveness and jobs. And that's why
4:04 cooperation matters between the Azen
4:07 with its mosaic of nations, cultures,
4:10 and faiths and like-minded organizations
4:13 such as us, future call. In 2017, we
4:16 began our journey with the Azen Center
4:18 of Energy. And our goal was really to
4:20 inform and educate governments,
4:23 investors, and the industry at large.
4:26 But it was really in 2020 when our
4:29 partnership deepened with a renewedou
4:31 and two landmark reports. One
4:35 highlighting Cole's role in the Azen's
4:37 uh you know contribution to the UN
4:39 sustainable development goals and
4:41 another about clean coal technologies in
4:44 the Azen showing that investment in
4:46 modern coal technologies can cut
4:49 emissions and at a greater scale than
4:51 many alternatives. I want to be very
4:53 clear that certainly for future coal
4:55 this is not a question of choosing
4:59 renewables over um coal but this is or
5:01 any base load for that matter but this
5:03 is really about focusing on what is
5:06 important what is affordable what is
5:08 secure and what is reliable particularly
5:11 in terms of base load power and these
5:13 studies have informed governments policy
5:16 makers and financiers around the world
5:19 of coal's potential when supported by
5:22 sound policy and targeted investment and
5:25 they also demonstrate the cooperation
5:27 which drives the innovation. However,
5:30 and sadly not all institutions kept
5:33 pace. In 2021, we saw the Asian
5:36 Development Bank proposing using
5:39 concessional finance to retire the Azen
5:41 coal plants, a plan that was completely
5:44 detached from regional needs and energy
5:48 realities. Azens Calfle as we all know
5:50 in this room is the youngest and one of
5:52 the most efficient in the world
5:55 averaging just that 13 years. Retiring
5:57 it would have wasted billions in
5:59 productive assets and more importantly
6:03 undermine regional energy security. So
6:05 today the rest of the world is beginning
6:07 to see what the Lazian has long
6:10 understood in the United States and I
6:13 just come from recent trips there. Once
6:16 among the loudest advocates of the coal
6:18 phase out, the government has now
6:22 committed 625 million um dollars to
6:25 modernize and upgrade its coal fleet as
6:28 part of its drive for energy resilience.
6:30 And a lot of that funding will go
6:32 towards actually upgrading on pollutant
6:35 control um and high the low emission
6:38 technology. And at the same time the
6:41 exclusionary finance models are also
6:44 collapsing. The net zero banking
6:46 alliance has formally closed its
6:49 operations after majors exited. Proof
6:52 that the financial systems cannot run on
6:54 this type of ideology. And around the
6:56 world, investors are rediscovering what
6:59 we have always said that responsible
7:02 investment, not divestment, delivers
7:05 real progress for economies, societies,
7:08 and the environment. And that reality
7:10 brings us to the responsible way
7:12 forward. And in future coal, we call
7:15 that sustainable coal stewardship or
7:18 SCS. SCES is built on this very simple
7:21 idea that progress is not about
7:24 abandoning the resources but using them
7:27 responsibly. It's a framework shaped by
7:29 governments, companies and communities
7:31 working together
7:34 to deploy these proven technologies, cut
7:36 emissions and most importantly unlock
7:39 new value across the coal value chain.
7:42 And China is well on this path and India
7:45 India follows closely behind.
7:47 Importantly, SCS is also about learning
7:51 from one another Asia's efficiency, the
7:54 United States innovation, and Europe's
7:56 experience, and applying those lessons
7:58 in ways that meet each nation's unique
8:01 challenges and opportunities. And that
8:03 is the spirit of cooperation that
8:07 defines the ASAN, diverse nations united
8:10 by shared purpose and pragmatic action.
8:13 And it is the same spirit that we hope
8:16 you will see defines SCS. And to show
8:19 what this looks like in practice, I'd
8:21 just like to share first part of a
8:25 three-part video which introduces SCS
8:27 and the technologies which drive
8:29 transformation across the coal value
8:32 chain. So we'll just cue to the um the
8:34 people that are going to help me with
8:35 could we please show the first part of
9:23 Thank you. As you've seen just in this
9:25 short snippet of the video, our industry
9:28 is harnessing cutting edge technologies
9:30 from autonomous holage and electric
9:33 drivetrains to digital twin operations
9:35 and precision monitoring. And these
9:37 innovations are improving efficiency,
9:39 reducing costs, and minimizing
9:42 environmental impacts. and certainly
9:45 along um across actually the world where
9:47 these sorts of opportunities don't
9:51 necessarily immediately exist. Um we
9:53 want we see there's a desire for more
9:56 collaboration to really upgrade and
9:59 modernize our upstream practices across
10:01 the Azian mining has long been that
10:03 catalyst for development building
10:05 infrastructure schools hospitals
10:07 creating thousands of jobs. This is the
10:09 same across the world for producing and
10:12 consuming regions of coal. And our joint
10:14 report with the Azen Center of Energy on
10:18 Coal's contribution to the United Nation
10:20 sustainable development goals shows that
10:22 our industry continues to prioritize
10:24 some of those main issues like health
10:26 and education and it empowers those
10:28 communities and strengthens
10:30 opportunities across the region. So
10:33 coal's contribution even in this in this
10:37 area of precombustion is undeniable. So
10:38 let's just move to the second pillar of
10:41 SCS which is combustion. And this
10:43 highlights advanced technologies that
10:46 can capture and reduce up to 99% of
10:49 emissions including CO2 while providing
10:51 the reliable dispatchable power that
10:55 modern economies um depend upon. And now
10:57 if we could please play the second part
11:59 Thank you. As we're aware, probably more
12:01 in this region than anywhere, people
12:03 don't really appreciate and a lot of the
12:07 um criticism of coal is really based on
12:09 old technology and not understanding
12:11 where the new technology is or what
12:14 efficiency in coal combustion can
12:17 actually bring to the table in terms of
12:19 better environmental performance. And
12:21 again another joint report with the Azen
12:24 Center of Energy Clinkole technology in
12:26 the Azen found that if we upgraded those
12:28 older plants to ultra supercritical
12:31 technology we could avoid 500 million
12:35 tons of CO2 by 2040 and as we would be
12:37 able to do all the maths ourselves.
12:39 That's the equivalent of removing 25
12:42 million cars off the road each year. So
12:45 across Asia, this transformation is
12:47 already underway and China is at the
12:49 forefront of this progress, operating
12:52 coalbased carbon capture for nearly 20
12:55 years. And its LDong Energy Base will
12:58 soon be the world's largest coal CCS
13:01 facility, capturing 1.5 million tons of
13:05 CO2 annually at less than USD,
13:09 $30 per ton, which is less than half the
13:12 cost of carbon permits in Europe. And in
13:15 Japan, Jira shows us that they've been
13:18 able to achieve 45% thermal efficiency
13:21 and completed the world's first 20%
13:24 ammonia co-firing trial, a breakthrough
13:27 in lowcarbon dispatchable energy. And
13:30 now in India, coal gasification is
13:32 scaling rapidly, producing high value
13:34 products while capturing carbon and
13:37 supporting national self-sufficiency.
13:40 So now in the final part of this video
13:43 we look at the exciting developments and
13:44 many of the areas that actually
13:46 investment community and particularly
13:48 those in the western world don't
13:50 appreciate about the contribution the
13:53 wider contribution of coal to beyond
13:55 combustion. Can we please play that the
16:19 Thank you. And whilst many of those
16:21 industries in beyond combustion are
16:23 known to us, there's so much more that's
16:25 turning byproducts into high value
16:27 materials and innovators around the
16:29 world. Particularly, there are leaders
16:32 actually in this in the US um in this
16:34 field and researchers at the University
16:37 of Wyoming have now built a home using
16:40 coalder derived char bricks that are
16:42 lighter, more insulative and lower in
16:45 emissions than conventional materials.
16:47 The US Department of Energy's coal to
16:50 cars program is developing coal derived
16:53 carbon fiber for lightweight vehicles. A
16:55 single ton of metallurgical coal is
16:58 worth about $200 um US dollars, but it
17:01 can be transformed into carbon fiber
17:04 worth up to 11,000 uh US dollars. So, as
17:07 demand for critical minerals grows,
17:09 research shows that coal ash could also
17:11 supply key elements for electronics,
17:14 defense, and renewable energy. And in
17:16 the United States alone, the recoverable
17:19 value of these minerals is estimated at
17:23 about 8.4 4 billion US, eight times the
17:26 current reserves. So coal is also
17:28 contributing to securing Azen's food
17:30 supply. And across Asia, coal
17:33 gasification is producing hydrogen for
17:35 fertilizer, helping to stabilize
17:38 agricultural import costs as natural gas
17:41 um prices fluctuate. and low rank coal
17:43 and its byproducts can also be used as
17:46 soil additives improving water and
17:48 nutrient retention and reducing
17:51 dependence on traditional fertilizers
17:54 these for droughtprone regions. This
17:56 means restoring degraded land um
17:58 strengthening harvesters and obviously
18:00 building greater resistance and
18:02 resilience. So the innovation is already
18:05 here. The technology is mostly proven.
18:08 And to realize Cole's full potential, we
18:11 now know that we must work together. And
18:13 if we do fail to act on the technologies
18:16 and opportunities already available
18:18 through SCS, we do risk not just higher
18:21 emissions, weaker grids, and slower
18:23 growth, but we risk that contribution to
18:26 our global communities to really expand
18:28 and keep. And for those of us who are
18:30 not fortunate enough to have that modern
18:33 life that we've so come to enjoy, the
18:36 future coal will be defined though by by
18:38 collaboration and by nations and
18:40 industries who are willing to work side
18:44 by side um to deliver energy security,
18:46 economic progress and also the
18:47 environmental results. These are not
18:50 things that we need to seek in isolation
18:51 of each other. These are things that we
18:53 can do together.
18:56 So today we will renew our partnership
18:58 with the Azian Center for Energy which
18:59 reflects that shared commitment to
19:02 continued progress through innovation,
19:04 cooperation and trust. I really look
19:06 forward to working with the Azen to now
19:09 push forward a new vision for coal call
19:12 sustainable coal stewardship or SCS. I
19:14 truly believe as someone who's been in
19:17 the industry and been the public global
19:19 advocate for coal in a time where we
19:22 weren't always um received well, but now
19:24 we be we're being received a little bit
19:26 more pragmat pragmatically. I look for
19:28 that future. I know that the word
19:31 sustainable has many different um new
19:33 meanings for lots of people and perhaps
19:35 has been overused, but what's most
19:38 important is that we continue to benefit
19:40 our global community. We all have more
19:42 in common than less. even in this crazy
19:45 world that we live in. Um, so this for
19:47 me and for future call and for
19:49 sustainable coal steward is the
19:52 responsible way forward. I thank you for
19:54 your time and thank you to the AV team
19:56 for helping me with those videos. Thank you.
20:07 That's okay. Okay. Thank you everyone.
20:09 Thank you Mr. Mu for delivering the
20:11 keynote um keynote address for this
20:14 session the vision for call's future.
20:16 Now uh we will meet you again during the
20:19 closing ceremony for the MOU. So yeah
20:22 thank you everyone and this close the
20:24 session in this room but we have other
20:26 sessions going on in another room. So if
20:28 you have time and you're interested to
20:30 know others uh thing about the energy in
20:32 the region please do come to other
20:34 rooms. So once again thank you everyone
