With Donald Trump's government still trying to get coal started, even though it is becoming more expensive and causing serious environmental pollution, more is said in a new report as 40 percent of the world's coal-fired power plants actually work at a loss. This figure will only increase with rising regulatory and carbon prices and rising costs of renewable energy such as wind and solar.
Carbon Tracker, the London-based think tank behind the study, found that it turned away from coal as a source of electricity source is not only a smart move to mitigate climate change, but also makes economic sense. As a result, 42 percent of global assets are not profitable due to steep fuel costs, and this figure could reach more than 70 percent by 2040. New renewable energies, they predicted, will be "cheaper by 2030 than they continue to operate 96 percent of existing and planned coal-fired power plants today. "
" Our analysis shows that a most cost-effective coal-less energy system should be seen as an economic inevitability rather than a clean and green environment, "said Sebastian Ljungwaldh, energy analyst at Carbon Tracker and co-author, said in a statement. [1
To determine these numbers, Carbon Tracker used advanced machine learning and satellite imagery to evaluate the activity and profitability of 6,685 coal plants across the region. Worldwide, a figure representing 95 percent of the total Carbon Tracker said it had specifically investigated areas such as China that rely on fossil fuels, but have little or even conflicting data about these assets, and noted that "for inventory data on asset Level is feasible to translate into economic and business data must be converted financial results. In addition, Carbon Tracker said consumers are paying the bill to get coal-fired power plants that are not economically viable. According to the study, the withdrawal of coal could potentially save taxpayers billions.
"The narrative is rapidly changing from how much we are investing in new coal capacity, and how existing capacity will be shut down to produce losses [minimizes]," said Matt Gray, head of the Energy and Utilities Department of Carbon Tracker and Co-author of the report, in a statement.
We have known for some time that coal is a dying and increasingly expensive industry, but Carbon Tracker has compressed the numbers and put forward a convincing economic argument for the phasing out of coal-fired power plants.
Report appeared before COP24, a major United Nations climate change conference to be held this week in Katowice Note also that it is located in the center of the Polish coal region.) The Washington Post noted that coal is likely to be a major topic of discussion, as more than 200 countries meet to fight against the climate to proceed acutely.
As if the looming climate crisis is no reason enough to push coal into the bricks, the potential to save billions certainly makes a compelling case.