New Delhi: In India, 17 per cent of the 283 GW coal fleet has become ineffective in 2020, 50 per cent in 2022 and 85 per cent in 2025, international researchers said on Tuesday.
They say replacing phasing-out and replaceable coal plants with renewable energy plus storage will save $ 2 billion in 2020, $ 8 billion in 2022, and $ 17 billion in 2025.
Researchers from the Rocky Mountain Institute, the Carbon Tracker Initiative and the Sierra Club have provided financial data and specific tools to make global coal phase-out possible in a report.
The report states that new renewable energy is already cheaper than operating many of the world's coal plants.
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It presents specific financial strategies that utilities and policy-makers can use to rapidly phase out coal in various regions of the world.
This new analysis shows that new renewable energy is not only cheaper almost everywhere than new coal plants, but also that new renewable energy, including battery storage, compared to operating 39 per cent of the world's existing coal capacity. Building capacity is cheaper than before.
The share of ineffective coal plants worldwide will rapidly increase to 60 per cent in 2022 and 73 per cent in 2025.
Net savings can be made for society by 2022 by replacing the entire global coal fleet with clean energy.
Managing the Rocky Mountain Institute, "a rapid growth from coal to clean energy is under control and we show how to engineer that growth that will save money for electricity consumers all over the globe." Said Director, Paul Bodnar in a statement to IANS.
The authors estimate that the entire fleet of global coal plants with clean energy and battery storage could be replaced by net annual savings in early 2022.
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The rapidly decreasing cost of renewable energy increases the net annual savings to $ 105 billion in 2025.
All of this, the report said, is before considering the serious health, climate and environmental impacts of coal or accounting for the social and environmental benefits of reducing pollution.
Currently, the coal phase-out did not keep pace with the elimination economics.
To keep the Paris Agreement temperature target within reach, global coal usage must decline by 80 per cent from 2010 levels by 2030, accelerating the Organization for Economic Cooperation and Development (OECD) countries over the next decade Transition from the need for a phase-out in the enterprise to the rest of the world by 2040.
India has already set aggressive targets for renewable energy development, which aims to increase clean energy generation from 86 GW in 2019 to 175 GW by 2022 and 450 GW by 2030.
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Although India expects an increase in energy demand, the government has identified about 23 GW of obsolete coal plants considered for retirement by 2022, and an additional 25.6 GW for retirement by 2027.
Apart from meeting the growing demand, coal, directly and indirectly, employs hundreds of people in India.
Therefore, the transition will be of special importance to affected workers only.
The report said that 17 per cent of the Indian coal fleet today is uncompetitive compared to renewables with storage, and immediate phase-out and replacement of this part of the fleet could result in a loss of $ 2 billion in annual savings to India.
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The remaining 83 per cent could be eliminated and replaced immediately at a cost of $ 23 billion.
However, these numbers are changing rapidly: by 2022, 50 per cent of the Indian coal fleet will be uncompetitive, and by 2025 85 per cent.
In 2025, the savings of retiring ineffective plants will increase nearly nine-fold compared to 2020, $ 17 billion per year.
The remaining 15 per cent would cost $ 2 billion in 2025.
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