ZME Science
No Result
View All Result
ZME Science
No Result
View All Result
ZME Science

Home → Science

Want to waste money? Keep investing in coal power instead of renewables

The report shows clean energy is getting much cheaper than coal.

Fermin KoopbyFermin Koop
March 12, 2020 - Updated on May 5, 2020
in Climate, Environment, News, Science
A A
Share on FacebookShare on TwitterSubmit to Reddit

Leaving fossil fuels behind isn’t good just for the planet, it’s also an economically smart move, as the costs of renewables are dropping across the globe.

A study by the financial think tank Carbon Tracker showed coal developers could end up losing up to $600 billion as renewable energy is now cheaper than coal energy in many countries.

More than 60% of the coal power plants operating across the globe generate electricity at higher costs than it could be produced by using renewables, the report showed, estimating that by 2030 this will be true for all coal plants.

Matt Gray, the co-author of the report, said: “Renewables are out-competing coal around the world and proposed coal investments risk becoming stranded assets which could lock in high-cost coal power for decades. The market is driving the low-carbon energy transition but governments aren’t listening.”

The Paris Agreement, signed in 2015, aims at limiting global warming to 1.5 degrees Celsius above pre-industrial levels. For this to happen, the use of coal in electricity generation should decline by 80% from 2010 to 2030, which means retiring one plant per day until 2040, the report showed.

Nevertheless, this will be challenging, as there are 499 gigawatts of new coal power plants that are already under construction or planned at a cost of $638 billion – which would be hard to recover as it takes up to 20 years to cover the costs of a coal plant, Carbon Tracker estimated.

The report looked at the economics of 95% of coal plants that are operating, under construction, or planned worldwide. That’s 6,696 plants currently working and 1,046 in the pipeline. China remains the main player, with 982GW of current coal power, 100GW in construction, and 106GW planned.

Meanwhile, India also ranks high, with 222GW of existing coal capacity and 373GW of coal power under construction. The EU is also a significant player, with 149GW of current coal power, mainly in Poland and the Czech Republic.

RelatedPosts

New Solar Tech Captures CO₂ from air and Turns It into Fuel
Reaching Net Zero Emissions Might Be Much Easier (and Cheaper) Than We Thought
Morocco set to launch the world’s largest solar plan
Britain powered itself for a day without coal — the first time since the industrial revolution

Carbon Tracker’s report claimed that coal power will eventually power out of existence due to market forces, making more room for renewable energy. Nevertheless, there are still governments that incentivize coal plants through subsidies.

Sriya Sundaresan, co-head of power and utilities at Carbon Tracker and co-author, said: “Investors should be wary of relying on continued government support for coal when a phase-out will save their voters billions and make their economies more competitive.”

Tags: coal powerrenewable energy

ShareTweetShare
Fermin Koop

Fermin Koop

Fermin Koop is a reporter from Buenos Aires, Argentina. He holds an MSc from Reading University (UK) on Environment and Development and is specialized in environment and climate change news.

Related Posts

Agriculture

America’s Cornfields Could Power the Future—With Solar Panels, Not Ethanol

byTudor Tarita
3 weeks ago
Climate

This Solar-Powered Device Sucks CO2 From the Air—and Turns It Into Fuel

byTibi Puiu
3 weeks ago
News

For the first time ever, wind and solar produced more electricity than coal in the US

byTudor Tarita
2 months ago
Mind & Brain

Yet another study debunks “wind turbine syndrome”

byMihai Andrei
2 months ago

Recent news

This Superbug Learned How to Feed on Plastic from Hospitals

May 20, 2025

China’s Tiangong space station has some bacteria that are unknown to science

May 20, 2025

Hidden Communication Devices Found in Chinese-Made Inverters Could Put U.S. Electrical Grid at Risk

May 20, 2025
  • About
  • Advertise
  • Editorial Policy
  • Privacy Policy and Terms of Use
  • How we review products
  • Contact

© 2007-2025 ZME Science - Not exactly rocket science. All Rights Reserved.

No Result
View All Result
  • Science News
  • Environment
  • Health
  • Space
  • Future
  • Features
    • Natural Sciences
    • Physics
      • Matter and Energy
      • Quantum Mechanics
      • Thermodynamics
    • Chemistry
      • Periodic Table
      • Applied Chemistry
      • Materials
      • Physical Chemistry
    • Biology
      • Anatomy
      • Biochemistry
      • Ecology
      • Genetics
      • Microbiology
      • Plants and Fungi
    • Geology and Paleontology
      • Planet Earth
      • Earth Dynamics
      • Rocks and Minerals
      • Volcanoes
      • Dinosaurs
      • Fossils
    • Animals
      • Mammals
      • Birds
      • Fish
      • Amphibians
      • Reptiles
      • Invertebrates
      • Pets
      • Conservation
      • Animal facts
    • Climate and Weather
      • Climate change
      • Weather and atmosphere
    • Health
      • Drugs
      • Diseases and Conditions
      • Human Body
      • Mind and Brain
      • Food and Nutrition
      • Wellness
    • History and Humanities
      • Anthropology
      • Archaeology
      • History
      • Economics
      • People
      • Sociology
    • Space & Astronomy
      • The Solar System
      • Sun
      • The Moon
      • Planets
      • Asteroids, meteors & comets
      • Astronomy
      • Astrophysics
      • Cosmology
      • Exoplanets & Alien Life
      • Spaceflight and Exploration
    • Technology
      • Computer Science & IT
      • Engineering
      • Inventions
      • Sustainability
      • Renewable Energy
      • Green Living
    • Culture
    • Resources
  • Videos
  • Reviews
  • About Us
    • About
    • The Team
    • Advertise
    • Contribute
    • Editorial policy
    • Privacy Policy
    • Contact

© 2007-2025 ZME Science - Not exactly rocket science. All Rights Reserved.