Reuters

European power companies could save billions of dollars by stepping up closure of coal-fired power plants as nearly all of them will be loss-making in Europe by 2030, think-tank Carbon Tracker Initiative says.

Coal power should be phased out in the European Union by 2030 to meet the Paris Agreement’s target to limit the rise in global average temperature to below 2 degrees Celsius.

However, the bloc is still reliant on coal-fired power and only 27 percent of coal-fired power plants in the EU plan to close before 2030, Carbon Tracker said in a report released on Friday, basing its estimate on company reports and countries’ phase-out policies.

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