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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 Natasha Lasky, ODP Staff Writer According to the BBC, a handful of the world’s biggest financial institutions are devising a plan to speed up the closure of coal-fired power plants in Asia. The initiative was developed by UK insurer Prudential, is being driven by the Asian Development Bank (ADB), and includes major banks HSBC […]
by Amy Lupica, ODP Staff Writer The Biden administration and automakers are hatching plans to make electric vehicles (EVs) represent 40% of all car sales by the end of this decade. But as the government and the public begin to embrace the idea of an electric future, engineers and environmentalists struggle to balance new demand for […]
By Ashira Morris, ODP Staff Writer Would you support or oppose the government moving the country to a 100% clean energy electricity grid by 2035? That’s the question Washington-based think tank Third Way posed across the country. It turns out that a majority of voters support federal action to reach a 100% clean energy grid. […]
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