A report from Morgan Stanley, a global wealth management company, said coal-fired power generation is likely to disappear from the U.S. power grid by 2033, largely displaced by renewable energy resources.
The report published Feb. 1 said renewable energy such as solar and wind power will provide nearly 40% of U.S. electricity in 2030, and as much as 55% in 2035. The U.S. Energy Information Administration said coal-fired generation, which supplied about 20% of U.S. electricity last year, will rise slightly this year to provide about 22% of the nation’s power mix, mainly due to higher prices for natural gas. But that jump will be short-lived, with Morgan Stanley saying the 2021 rise in coal use will experience “a constant decline thereafter.”
A recent report from the Institute for Energy Economics and Financial Analysis said more than 100 global banks and insurance companies “have announced their divestment from coal mining and/or coal-fired power plants.”