6 developed countries have decided to phase-out coal in favor of renewable energy which is not only safer but also more profitable.
Use of coal is polluting the climate at an unimaginable rate because the carbon that is emitted from the fossil fuel is causing harm to the environment and the human body leading to respiratory diseases.
This fear as well as the recent UN Paris Agreement has propelled 6 major countries, including Canada, France, Germany, the Netherlands, Austria, and Finland to phase out all coal-fired power plants.
Natural gas produces twice as less CO2 as coal power for the same amount of electricity produced. Building a coal plant is also more expensive than developing for renewable energy facility.
“Developed countries will continue to use coal for decades to come, and developing countries will increase [their use]. There are new high-efficiency technologies that reduce emissions, and developments in carbon capture and storage. Coal is a reliable fuel,” said Benjamin Sporton, chief executive, WCA.
France is targeting 2023 for its phase-out of coal, but it should not be difficult since the country has already reduced the use of coal to 3 percent.
Germany is looking to initially phase-out half the coal-fired power plants by 2030 and the remaining by the end of 2050.
Finland is taking a tougher stand by planning to entirely ban the use of coal by 2030. The country generates about 12 percent of its electricity from coal, which it also it has to import.
Canada, which only uses 7 percent coal for its energy generation, announced a phase-out of the fossil fuel by 2030. The goal is to generate 90 percent of Canada’s electricity from renewable sources, which is 80 percent currently. Meanwhile, the U.S. produces about 33 percent of its total electricity from coal.
According to a new report the G20 countries—including China, Japan, Germany, South Korea and the United States— have invested $76 billion in coal projects in countries such as Vietnam, South Africa, Australia and Indonesia.