In India, 17 per cent of the 283 GW coal fleet is set to become uncompetitive in 2020, rising to 50 per cent in 2022 and 85 per cent in 2025, international researchers said on Tuesday.
They say phasing-out and replacing uncompetitive coal plants with renewable energy plus storage would generate savings of $2 billion in 2020, $8 billion in 2022, and $17 billion in 2025.
Researchers of Rocky Mountain Institute, Carbon Tracker Initiative and Sierra Club in a report offer financial data and specific tools for making global coal phase-out feasible.
The report, ‘How to Retire Early: Making Accelerated Coal Phase-Out Feasible and Just’, reveals that new renewable energy is already cheaper than continuing to operate coal plants in much of the world.
It lays out specific financial strategies that utilities and policy-makers can use to engineer a faster phase-out of coal in various regions of the world.