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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
We sat down with Rep. Sean Casten (D-Ill.) to talk about the Federal Energy Regulatory Commission (FERC) or “Hot FERC Summer,” as we like to call it. According to Rep. Casten, though FERC is often thought of as “a sleepy agency that is, frankly, kind of nerdy” — it can be a powerful force to […]
By Amy Lupica, ODP Daily Editor A new study published by the UN Environmental Program (UNEP) reports that the world must cut its coal, oil, and gas production by more than half by 2030 to limit global temperature rise and meet the goals of the Paris Agreement. The world’s fossil fuel industry currently plans to […]
By Natasha Lasky, ODP Staff Writer President Biden announced a plan to develop seven new offshore wind farms along US coastlines. He aims to deploy 30 gigawatts of offshore wind power by 2030 — enough energy to power over 10 million homes. Why this Matters: The proposed wind projects could avert 78 million metric […]
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