CHARLOTTE, N.C., Jan. 27 /PRNewswire-FirstCall/ -- Closer global collaboration is needed to promote commercialization of low-carbon technologies to reduce environmental impact at the lowest possible cost, Duke Energy (NYSE: DUK) said at the 6th Clean Energy Forum-Clean Coal 2010 being held in Tianjin, China.
"At Duke Energy, we are highly motivated to decarbonize and modernize our electric power generation fleet," said Jim Turner, Duke Energy's group executive, president and chief operating officer of U.S. Franchised Electric and Gas. "We believe the industry must accelerate the commercialization of low-carbon technologies to reduce our environmental impact at the lowest possible cost while at the same time protecting the interests of our customers and shareholders."
Since 2009, Duke Energy has been working closely with two Chinese partners, China Huaneng Group and ENN Group, to cooperatively develop and commercialize an array of clean energy technologies. In August 2009, Duke Energy signed a MOU with China Huaneng Group, encompassing high-level discussions and information sharing on a number of renewable and clean energy fronts.
A similar MOU aimed at accelerating the development of low-carbon and clean energy technologies was signed between Duke Energy and ENN Group in September 2009.
"Our strategic alliances in China represent the type of global collaboration that is strategically imperative for our company, and I believe, for our industry and our nation," Turner said. "By working together, we can leverage the clean energy work already under way in each country to create jobs and investment opportunities in China and the five-state region in the United States currently served by Duke Energy.
"Together we can more rapidly scale up, commercialize and reduce the cost of carbon capture and sequestration technology for coal, renewable energy, smart grid and battery storage technologies," said Turner.
The Duke Energy executive pointed out that lawmakers in the United States and policy makers around the world are considering the best ways to reduce carbon emissions coming from power plants, industrial complexes, automobiles and other sources. There is an intense debate in the U.S. over the future of coal-based energy and whether coal should even have a future.
Turner believes coal must play a role in the U.S. power generation sector for many decades to come. He emphasized the need to develop new technologies and to understand which are most cost effective as we respond to new environmental regulations including greenhouse gas regulations.
"Even if no action is taken on carbon regulation in the U.S., coal will remain under attack and technological innovation will be critical as tighter restrictions are imposed on other coal-based pollutants," Turner added.
Duke Energy has asked itself what it would take to lower CO2 emissions by 50 percent from 2006 levels by the year 2030. Such significant reductions in emissions will require cleaner coal, additional nuclear power generation, more renewable energies and increased energy efficiency. In order to reduce CO2 emissions and reach its 2030 goal, Duke Energy has joined efforts with organizations worldwide to identify solutions for these pressing challenges.
"I believe that the collaboration between Duke Energy and its Chinese partners will drive the growth and commercialization of these technologies globally," said Turner.
About Duke Energy Corporation:
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
SOURCE Duke Energy