July 3, 2020 Read More →

Planet may have reached peak coal as renewable capacity grows quickly

Coal Zoom:

India’s Union government has opened 41 coal blocks for commercial mining under the Aatma Nirbhar Bharat Abhiyan, a self-reliance program. This measure aims to allow private players to mine coal commercially as part of its effort to cushion the impact of COVID-19.

Tim Buckley, IEEFA’s Director of Energy Finance Studies, Australia/South Asia, discussed the plan   with Kundan Pandey of ‘Down to Earth,’ a magazine produced by the Centre for Science and Environment.

Kundan Pandey: What is the current scenario of coal versus renewable energy (RE) in India and across the globe? 

Tim Buckley: The world is progressively reducing its reliance on coal for power generation. Most new electricity capacity installations globally are based on renewable energy. The International Energy Agency’s World Investment Outlook 2020 put new coal plants reaching final investment decisions in 2019 at a decade-low of 18 gigawatts (GW) globally, whereas coal plant end-of-life closures globally have been running at 30-35GW annually over 2015-2019.

THE WORLD IS PROBABLY ALREADY AT PEAK COAL POWER PLANT CAPACITY and this will progressively decline each year. 

[Kundan Pandey]

More: IEEFA Update: No Foreign Players Will Bid in India’s Auction on Coal Blocks

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