Cheap Solar Power Could Gut the Global Coal Industry by 2040

[mahatmakanejeeves]

Cheap Solar Power Could Gut the Global Coal Industry by 2040
David Z. Morris

A new report concludes that solar energy will be a cheaper way to generate electricity than coal in most parts of the world by 2021. That crossover point, predicted to arrive much sooner than previously estimated, could trigger a massive market shift that may drastically hamstring the coal industry over subsequent decades.

According to the study, which was conducted by Bloomberg New Energy Finance, total coal generation in the U.S. is estimated to be cut in half by 2040. In Europe, the predicted drop is 87%. Researchers project that coal generation projects equal to the entire electricity output of Germany and Brazil stand to be cancelled.

Those drops are driven by more than the average price of solar energy, which is expected to decline 66% between today and 2020. The cost of wind generation is also expected to drop 47% during that time, with offshore wind farms dropping 71%.

If the report’s projections pan out, global greenhouse gas emissions could begin declining after 2026.

[Glorfindel]

1. I'm very glad to hear that, even though I probably won't be around to see it.

Coal is better left in the ground, and the planet is much better off when that happens.

[elleng]

2. Good to see.

Last edited Sun Jun 18, 2017, 06:07 PM - Edit history (1)

Would be better if U.S. president were dedicated to taking advantage of it, via new jobs (as are other countries.) One candidate was: https://martinomalley.com/climate/agenda/

No confidence about it here/now.

[Wellstone ruled]

3. Less time than that.

With every quarter we are seeing Solar efficiencies by significant multiples. The only real amount of Coal being produced today is high BTU Coal for Steel making. And we Export a good portion of that to Asian Markets.

[msongs]

4. good news. maybe the coal crowd will finally learn some new job skills and join the

solar revolution