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Carbon Tracker, a London-based environmental think tank, analyzed the profitability
of 95% of the world's coal power plants in operation or planned.
The findings suggest that nearly half of the world's coal-fired power plants will be in the red in 2020
.
Carbon Tracker said that in the wake of the coronavirus pandemic, many countries that still rely on coal power plan to build more coal-fired power plants to stimulate economic development
.
According to the report, 6,696 coal plants in operation and 1,046 under construction were studied and found that 46% of businesses will be unprofitable this year, up from 41%
in 2019.
With increased renewables and competition for cheap natural gas, 52% of coal plants are expected to be in the red
by 2030.
Because coal plants typically take 15-20 years to cover their costs, investors building new coal plants may never recoup their investment
, the report argues.
The UN's Intergovernmental Panel on Climate Change says global coal use for power generation must fall by 80 percent below 2010 levels by 2030 to limit global warming
.
Stringent emissions reduction targets have increased the cost of coal power plants, while the cost of renewable energy is falling and institutional investors are increasingly divesting from fossil fuel companies with struggling assets
.
Carbon Tracker, a London-based environmental think tank, analyzed the profitability
of 95% of the world's coal power plants in operation or planned.
The findings suggest that nearly half of the world's coal-fired power plants will be in the red in 2020
.
Carbon Tracker said that in the wake of the coronavirus pandemic, many countries that still rely on coal power plan to build more coal-fired power plants to stimulate economic development
.
According to the report, 6,696 coal plants in operation and 1,046 under construction were studied and found that 46% of businesses will be unprofitable this year, up from 41%
in 2019.
With increased renewables and competition for cheap natural gas, 52% of coal plants are expected to be in the red
by 2030.
Because coal plants typically take 15-20 years to cover their costs, investors building new coal plants may never recoup their investment
, the report argues.
The UN's Intergovernmental Panel on Climate Change says global coal use for power generation must fall by 80 percent below 2010 levels by 2030 to limit global warming
.
Stringent emissions reduction targets have increased the cost of coal power plants, while the cost of renewable energy is falling and institutional investors are increasingly divesting from fossil fuel companies with struggling assets
.
