Coal is on the way out as renewable energy costs hit record highs in India | Nagpur News
The report ‘No New Coal By 2021: The Collapse of the Global Pipeline’, published by independent climate change think tank E3G, analyzes that there has been a 76% reduction in proposed coal power since the signing of the Paris Agreement in 2015. He further pointed out that although India is slowly moving away from coal at the national level, considerable progress is being made at the state level. The climate groups behind the report are E3G, Global Energy Monitor and Ember.
“India’s 21 GW pre-construction pipeline is the second largest in the world. The country is currently building 34 GW of new coal capacity, more than the next seven countries combined. This is in addition to India’s considerable existing operating fleet of 233 GW (11.3% of the world total), ”the report says.
He further points out that since 2015, the country has seen more than 326 GW of canceled projects, including more than 250 GW of capacity put in reserve. “The conditions are now in place for the remaining pipeline in India not to continue construction,” he added.
Between 2019 and 2021, government officials from four Indian states – Gujarat, Chhattisgarh, Maharashtra and Karnataka – announced their intention “not to build new coal-fired power plants.” Many other states have the potential to move away from new coal-fired energy due to a combination of socio-economic and environmental factors, particularly the rapidly increasing cost competitiveness of new renewables, according to a 2019 study. .
Stating that the financial implications of building new coal-fired power plants are greater in India than in many other countries, the analysis finds that the average load factors of coal-fired power plants have declined steadily – by 61% in 2018 to 53% in 2021, which makes them more expensive to operate. existing factories and highlighting the folly of building new coal. “Meanwhile, renewable energy prices in India are among the lowest in the world, reaching a record high of Rs1.99 kilowatt hour (kWh) in December 2020. It is cheaper than the majority of India’s coal fleet. existing, and all new coal projects. Renewable energies backed by storage are also increasingly competitive, ”adds the report.
The researchers also revealed that there had been a 76% reduction in proposed coal power since the signing of the Paris Agreement in 2015, putting the end of construction of new coal-fired power stations into perspective. “The collapse of the global coal pipeline and increased commitments to ‘no new coal’ are going hand in hand. The coal economy has become increasingly less competitive with renewables, while the risk of stranded assets has increased. Governments can now act with confidence to commit to ‘no new coal’, ”said report author Chris Littlecott.
Emphasizing that several countries can add their voice to a snowball of public pledges for ‘no new coal’, Dave Jones, Global Program Manager at Ember, said: ‘We urge governments to publicly declare their intention that no new coal-fired power plants will be built. in their country. Just five years ago there were so many new coal plants planned to be built, but most of them have now been officially shut down, or are on hiatus and are unlikely to ever be built. ”
Ember is an independent climate and energy think tank focused on accelerating the global electricity transition from coal to clean energy.
– 37.4 GW of new pipeline coal projects in South Asia
– India’s 21GW projects account for 56% of this
– New coal makes no economic sense for India
– Renewable energy can provide better results
– Average load factors of coal-fired power plants in India increased from 61% in 2018 to 53% in 2021
– Renewable energy prices in India are among the lowest in the world