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Despite economic disruptions caused by the coronavirus pandemic, a growing number of countries, companies and financial institutions are committing to quit coal and are beginning to ditch oil and gas projects, too.
In this episode of Political Climate’s special DITCHED series, host Julia Pyper speaks to Tim Buckley at the Institute for Energy Economics and Financial Analysis (IEEFA) about what’s driving the increase in fossil fuel exits around the globe, including in historically coal-dependent economies such as China and India. Buckley argues the pandemic was a “wake up call” to financiers who realized, looking at the virus’ impacts, that the cost of climate inaction, would be higher than making the transition now.
Buckley is bullish on renewable energy as it has accelerated every month this year, especially solar because the cost is dropping so fast. In November 2020 the price of solar hit its lowest price ever in India — dropping 15% over the last six months — causing a major energy disruption and putting us on a path toward decarbonization, and much faster than previously estimated.
Will 2020 prove to be a tipping point in the energy-finance transition?
IEEFA: Why 2020 is turning out be a pivotal year for fossil fuel exits
IEA: Renewable power is defying the Covid crisis with record growth this year and next
by Ashira Morris, ODP Staff Writer Power plants won’t get a free pass from the Trump administration’s industry-friendly Affordable Clean Energy rule. A federal appeals court struck down the EPA’s proposed plan, which would have dramatically reduced regulation of greenhouse gas emissions from power plants. In the ruling, the court called the plan a “fundamental […]
by Natasha Lasky, ODP Staff Writer President-elect Joe Biden is expected to implement an executive order to cancel the Keystone XL pipeline permit on his first day in office. The story broke in CBC news, though they did not identify their sources. Apparently “Rescind Keystone XL pipeline permit” was written on a transition briefing note […]
Wind power has overtaken coal as a proportion of Texas’s power for the first time and promises to continue growing. In 2020, wind power made up almost a quarter of Texas’s total power, compared to just 18% from coal.
Why This Matters: Texas is the nation’s largest producer of both wind energy and fossil fuel energy.
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