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Renewable clean energy - - Solar and wind energy will be cheaper than coal soon

Posted by LiHobo on

As a member of the global village, do you pay attention to the development of clean energy?
Renewable clean energy costs are getting cheaper to build and run, in fact, it is alreadythe lowest-cost source of electricity in many parts of the world according to the UNInternational Renewable Energy Agency (IRENA). New technology is driving the pricesdown so much that it is now more cost-efficient to invest in renewable energy like solaror wind farms than coal-fed power plants.

From the US to China, according to Fast Company, it is more cost-effective to build newrenewable electrical power plants than to keep running 60 percent of the existing coalgenerating plants. A new report from the think tank Carbon Trackers estimates that by 2030, renewables will be less expensive to run than all existing coal plants.

Coal has been the most inexpensive fossil fuel option since the 1880s. By 1961, it wasthe main fuel used to generate electricity in the US because of availability and price. It’s also the dirtiest. Even after the 1963 Clean Air Act and subsequent energy legislationcalled for coal pollution mitigation, it is still the case that cheap energy comes with ahigh environmental price tag.

“With our report, we aim to challenge the long-standing narrative that coal power ischeap and will continue to remain a cheap source of energy,” Durand D'souza, a datascientist at Carbon Tracker told Fast Company.

Despite the fact that the cost of building renewable power plants are now cheaper thanbuilding new coal plants, there are still new 499 gigawatts coal plants – to the tune of $638 Billion – under construction and even more are planned. This, the report says, iswasted money.

"Renewables are outcompeting coal around the world and proposed coal investmentsrisk becoming stranded assets which could lock in high-cost coal power for decades,"Matt Gray, Carbon Tracker co-head of power and utilities and co-author of the report, said in a statement.

"The market is driving the low-carbon energy transition but government aren'tlistening. It makes economic sense for governments to cancel new coal projectsimmediately and progressively phase out existing plants," he said.

China, the world's biggest coal producer, has the largest amount of new coal-fed plantsunder construction according to Carbon Tracker and 71 percent of its existing coalplants cost more to run than building new renewable plants. Coal plants in the EU, India, and the US also cost more to run than building solar or wind plants.

So far, the EU is the closest to making coal obsolete as countries are working onmeeting their Paris agreement goals. In May 2019, Germany announced that it wouldclose all of its remaining 84 coal-fired power plants by 2038. Now the economicincentive may encourage Germany to move up the date.

In the UK, renewable energy already produces more electricity than fossil fuels, By 2018, there were only six coal-fed plants left.

The Carbon Tracker report called on governments to deregulate coal and the market will soonmake renewables much more attractive if they are on a level playing field.

Couple this with a report from IRENA that concluded that the share of coal generatedelectricity must fall to under two percent by 2050 for global warming to stay within 1.5 degreesCelsius. Now there is also a big economic incentive to switch to renewables.

The current situation of green energy development is very good, and I believe our global village will become better and better!


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