NewEnergyNews: Global Coal Is On Its Way Out

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  • MONDAY’S STUDY AT NewEnergyNews, October 26:
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    Friday, July 03, 2020

    Global Coal Is On Its Way Out

    New Analysis Shows the Global Transition from Coal to Clean Energy Has Reached a Financial Tipping Point

    June 30, 2020 (Rocky Mountain Institute, Carbon Tracker Initiative, and Sierra Club)

    “…[It is] cheaper to build new renewable energy capacity including battery storage than to continue operating 39 percent of the world's existing coal capacity…[and the] share of uncompetitive coal plants worldwide will increase rapidly to 60 percent in 2022 and to 73 percent in 2025…[A new report shows that replacing] the entire global coal fleet with clean energy can be done at a net savings to society as early as 2022…The rapidly declining costs of renewables push net annual savings to $105 billion in 2025…[without] considering coal's dire health, climate, and environmental impacts, or accounting for the social and environmental benefits of reducing pollutants. Currently, coal phaseout hasn't kept pace with eroding economics…

    …[The report] lays out options for governments and public finance institutions to accelerate coal phase-out…[through] an integrated three-part approach: 1) refinancing to fund the coal transition and save customers money on day one, 2) reinvesting in clean energy, and 3) providing transition financing for workers and communities…[O]utside the United States, a third of the global coal fleet is already more costly to continue operating than building new renewables with storage today. By 2025, that number will reach nearly 80 percent globally with several regions and countries seeing next to no competitive coal…” click here for more

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