DITCHED: Is 2020 the Tipping Point for Fossil Fuel Divestment?

 

By Julia Pyper, Host/Producer, Political Climate

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?

Recommended resources:

  • 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
  • Argus: Coal India to diversify into solar power
  • PV Tech: Indian solar tariffs fall to record low following SECI auction
  • Reuters: Satellites reveal major new gas industry methane leaks
  • IEEFA: Is the Gas Industry Facing Its Volkswagen Moment?

Episodes of DITCHED will air Mondays over the next several weeks. Listen and subscribe to Political Climate on Apple Podcasts, Spotify, Stitcher, Google Play or wherever you get podcasts! You can also find DITCHED episodes via Our Daily Planet.

 

Up Next

Interview of the Week: Josh Aviv of Spark Charge

Getting more electric vehicles on the road is a crucial part of lowering greenhouse gas emissions and reducing air pollution. In addition to making EVs more affordable, charging must become more accessible and convenient–especially for people living in “charging deserts.” That’s where the mobile charging company, Spark Charge, comes in. CEO and Founder, Josh Aviv […]

Continue Reading 226 words
Ford and BMW Invest $130 Million in Solid-State EV Battery Development

Ford and BMW Invest $130 Million in Solid-State EV Battery Development

Ford and BMW are leading a $130 million investment in EV battery start-up Solid Power, the companies announced Monday. Solid Power makes solid-state batteries, which don’t use the liquid electrolyte found in the lithium-ion batteries used to power most electric vehicles. 

Why This Matters:  Car companies have long been allies of the fossil fuel industry. Now they are pivoting and expanding into EVs, not only pledging to reduce emissions but to go fully electric in coming decades.

Continue Reading 492 words
Biden Admin Approves Massive Solar Project in CA Desert

Biden Admin Approves Massive Solar Project in CA Desert

by Natasha Lasky, ODP Staff Writer On Monday, the Biden administration announced that it had approved a $550 million solar energy project—named the Crimson Solar Project— with the capacity to power almost 90,000 homes. This project will be built on 2,000 acres of federally owned desert land west of Blythe, California.  This area, halfway between […]

Continue Reading 358 words

Want the planet in your inbox?

Subscribe to the email that top lawmakers, renowned scientists, and thousands of concerned citizens turn to each morning for the latest environmental news and analysis.