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Report – Chinese Translation
Matt Gray, Carbon Tracker co-head of power and utilities and co-author of the report, said: “Renewables are outcompeting coal around the world and proposed coal investments risk becoming stranded assets which could lock in high-cost coal power for decades. The market is driving the low-carbon energy transition but governments aren’t listening. It makes economic sense for governments to cancel new coal projects immediately and progressively phase out existing plants.”
Sriya Sundaresan, co-head of power and utilities and co-author, said: “Investors should be wary of relying on continued government support for coal when a phase-out will save their voters billions and make their economies more competitive.”
Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity from new renewables than from new coal plants in all major markets.
Coal has long been considered the least-cost option for power generation throughout the world. This narrative is quickly changing as a confluence of factors are disrupting coal’s pre-eminence. Most notably, low-cost renewable energy, which will soon be cheaper to build than to run coal plants.
Policymakers need to stop new investments in coal power immediately and redesign power market regulation to minimise stranded asset risk accelerate the transition to a low carbon economy.
New investments in renewables are cheaper than new investments coal in all major markets today.
Over half of coal plants operating today cost more to run than building new renewables.
It could be cheaper to build renewables than run coal in all major markets by 2030.
Governments and investors should cancel coal power projects or will waste $600 bn in capital costs.