New study finds that approximately 75% of coal production is more expensive than renewables.
The Guardian reports that a study by Energy Innovation outlines the path to the end result of almost all coal production becoming more expensive than wind and solar.
Data released last week highlighted the rise of renewables, with electricity generation from clean sources doubling since 2008. The bulk of renewable energy comes from hydro and wind, with solar playing a more minor, albeit growing, role.
Renewables now account for around 17% of US electricity generation, with coal’s share declining. However, the power of coal’s incumbency, bolstered by a sympathetic Trump administration, means it isn’t on track to be eliminated in the US as it is in the UK and Germany.
Fossil fuels continue to receive staunch institutional support, too. A recent report released by a coalition of environmental groups found that 33 global banks have provided $1.9tn in finance to coal, oil and gas companies since the 2015 Paris climate agreement.