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According to CNN, coal’s share of total power generation dropped from 45% in 2010 to 28% in 2018 and is expected to decrease to just 24% in 2020.
Dennis Wamsted of The Institute for Energy Economics and Financial Analysis said in a blog post that this “represents a momentous development driven by the deep transition underway in the electric generation arena.”
“The market has spoken loudly: The competition for America’s energy future is over, and coal has lost,” said EWG President Ken Cook. “Why, then, do President Trump and some short-sighted lawmakers want to prop up a loser?”
Why This Matters: The Trump administration, and lawmakers in some states, continue to push huge taxpayer-financed bailouts to money-losing coal plants, which in turn drives climate change and is a severe threat to public health. This surge in renewable power was not even imaginable five years ago, but now it is inconceivable that coal could ever come back and Trump’s promises to the contrary are more and more farcical. This is strong evidence that carbon neutrality in the U.S. in the next 25 years is not a pipe dream.
As Greentech Media reported, oil and gas giant BP announced yesterday that it will cut its oil and gas output by 40% by 2030 and increase its low-carbon investment tenfold by then as it begins to detail its 2050 net-zero strategy. This announcement comes after BP head of strategy Giulia Chierchia told investors on a […]
Investment in electric vehicles and their components and infrastructure continue to grow in spite of the pandemic and economic downturn, not to mention the infancy of the market.According to MarketWatch.com, there is “sky high” investor interest in clean energy and electric vehicle companies.
President Trump trumpeted his trade deal with China, but so far it has been a bust, according to The Wall Street Journal — the Chinese have not purchased nearly the amount of energy (in terms of total dollars) as they promised — only $2B in oil and gas purchases against a commitment of $25B for this year.
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