A new study showed that wind and solar energy would be cheaper than its counterparts by 2030. This was reported in the report of the non-profit analytical center Carbon Tracker Initiative.
According to their calculations, the construction of new wind and solar power plants will be cheaper than the operation of coal power plants in all major markets. For example, in Australia, where prices for the production of green energy are already comparable to non-environmentally friendly counterparts, this jeopardizes the $ 26 billion energy infrastructure from coal.
The authors of the reports acknowledge that this trend does not necessarily mean that over the next decade, coal energy will be forced out of the market. The document notes that some governments effectively stimulate the development of green power plants through regulatory programs and subsidize them. This will start to make them profit over the next ten years.
According to them, solar and wind power are already cheaper in most of China and half of Australian stations.
The group also notes that coal will remain in the market longer if it is subsidized. The Carbon Tracker Initiative called on governments to block new coal projects and phase out existing power plants, allowing renewable energy sources to compete on an equal footing.
Report co-author Matt Gray noted that coal investments could become “dead assets.” The analysis showed that governments risk wasting more than 600 billion US dollars.