Home Environment How We Are Wasting Half Trillion Dollars On Coal Energy

How We Are Wasting Half Trillion Dollars On Coal Energy

0
How We Are Wasting Half Trillion Dollars On Coal Energy
(Credits: Wikipedia)

We’ve been studying renewable resources for a long time. But this new report shows something further that is to be looked at. Dive in to discover what indeed is going on out there in the world and don’t get shocked seeing these!!!

Financial think tank Carbon Tracker published in a report that around 60 percent of the world’s coal power plants are generating electricity at a higher cost than renewable energy alternatives. It is noticed that nations around the world are wasting about $640 billion by continuing to exploit coal rather than spending on less expensive and more eco-friendly renewable sources like wind and solar energy.

We observe that political pressure is the prime reason for governments promoting the coal industry. Carbon Tracker report cautions against such practice. Matt Gray, Carbon Tracker Co-head of power and utilities and co-author of the report mentioned that “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”. Matt also added that even though the market is focusing on low-carbon energy transitions, the governments aren’t giving attention to it.

Global dependence on coal power would require to be significantly cut before the year 2030 to cap global warming to 1.5 degrees Celsius by the end of this century, according to goals set by the Paris Agreement on Climate Change.

The report, titled “How to Waste Over half a Trillion Dollars,” reported the threat of climate variation and clear environmental and economic benefits that make immediate action necessary. It found almost 500 gigawatts of new coal power are planned or under construction globally.

The report says that China faces especially urgent choices. It is to be kept in mind that half of the world’s coal energy is generated there. The most important point is that 7 out of 10  coal plants there are costlier than solar and wind farms. With dangerous virus COVID-19 being more in China, they would benefit by rethinking the situation. Carbon Tracker urged China to avoid investing in the economically burdened coal industry and rather focus further on eco-friendly sources of energy.

Globally, a more environmentally aware populace is showing increasing care for energy options such as solar, wind, hydro, tidal, geothermal and biomass sources.

“Policymakers need to avoid new investments in coal power promptly and redesign power market regulation to minimize stranded asset risk and boost up the transformation to a low-carbon economy,” the report concluded.

LEAVE A REPLY

Please enter your comment!
Please enter your name here