Despite Cop26’s new pledges, the majority of coal-fired energy is not being phased off quickly enough to meet climate targets and avoid catastrophic global warming.
Although coal is slowly disappearing, some of the largest, most dependent economies on coal might be waiting too long, according To A new reportCentre for Research on Energy and Clean Air.
Lauri Myllyvirta, lead author of this report, stated that current pledges and targets are not enough to ensure coal power is eliminated fast enough to avoid the worst effects of global climate change.
The most polluting fossil fuel is coal, and the International Energy Agency made it clear that the world cannot continue to heat the planet below 1.5C if it isn’t quickly retired.
Although major coal-dependent countries pledged to reduce their dependence on coal at the UN Climate Summit in Glasgow, it is still a long way off, says Flora Champenois a Global Energy Monitor research analyst.
The price for renewables has dropped significantly in the last decade. Therefore, it is now more clear than ever that dirty, uneconomical energy needs to go. We have also seen that it is slow and difficult for the status quo to be changed, no matter how compelling its economics.
The data shows how much responsibility countries with higher incomes take when it comes to the global phasing-out of coal.
Leo Roberts, E3G’s research manager, stated that rich countries must make the financial resources available to support the transition from coal-based economies in the global south.
He said that taxpayers and investors should be concerned about the viability of new coal plants. They could lose $150bn (113bn), on stranded assets if those projects are approved, according to the study. Carbon Tracker’s report.
Despite falling behind the International Energy Agency’s schedule, there are signs that key actors are making progress in the transition. Myllyvirta said that India’s prime Minister Narendra Modi announced clean energy targets, which could lead to coal-fired power production peaking well before 2030.
The United States is not on track to phase out nuclear power by 2030, according to Global Energy MonitorA shifting tide of economic factors, combined with political will, could bring the country into line. Roberts highlighted how coal’s declining competitiveness is driving the retirement of coal power plants across the country.
China is the most dependent on coal, and it is one of the most uncertain. China has not yet announced plans to stop building new coal-burning plants in other countries, but it has promised to reduce its dependence on foreign sources. We won’t be on track before China, which has the largest fleet of coal power stations in the world, announces its phase-out plans.
Experts believe there is reason to be hopeful, despite uncertainty about China. Recent years have seen a rapid decline in the rate at which countries abandon coal, with many projects already cancelled.
The pace at which they are [global]Myllyvirta says that the outlook has changed from a few small countries only having a phase out commitment in 2015 to a quarter of the global coal fleet with a set phase-out date. It’s encouraging and shows that this is possible.