A Bright Spot On The Horizon

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Some times those bright spots on the horizon are more welcome than they might merit, and today we will take what we can get:

Wind and solar plants will soon be cheaper than coal in all big markets around world, analysis finds

Report raises fresh doubt about viability of Australia’s thermal coal export industry

Building new wind and solar plants will soon be cheaper in every major market across the globe than running existing coal-fired power stations, according to a new report that raises fresh doubt about the medium-term viability of Australia’s $26bn thermal coal export industry.

While some countries are moving faster than others, the analysis by the Carbon Tracker Initiative, a climate finance thinktank, found renewable power was a cheaper option than building new coal plants in all large markets including Australia, and was expected to cost less than electricity from existing coal plants by 2030 at the latest.

Solar photovoltaics and wind energy were already cheaper than electricity from about 60% of coal stations, including about 70% of China’s coal fleet and half of Australia’s plants, it said.

Read the whole article here.

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