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Summary
The decline of coal as an energy source is increasingly linked to the rise of natural gas, which has become a significant player in the energy market. This shift reflects changing dynamics in energy production, environmental concerns, and economic factors that favor gas over coal.
Highlights -🔥
- Coal’s decline is accelerating.
- Natural gas is gaining market share.
- Environmental policies are influencing energy choices.
- Economic factors favor natural gas.
- Transitioning energy sources impact communities.
Lidy Nacpil is coordinator of the Asian Peoples’ Movement on Debt and Development (APMDD).
A few years ago, the world was on a path to ending coal, the most carbon-intensive fossil fuel and the single biggest contributor to carbon dioxide emissions. Active and sustained campaigning brought coal closer to the point of death and the world to a coal-free future.
Several developments made this evident. One, the shrinking of the pipeline of new coal and the shutting down of hundreds of coal projects across the globe. Two, the commitment of 44 governments to end the construction of new coal plants and cancellation by a further 33 countries of new coal projects. Three, the shifts in the policies of several public financial institutions and private banks to either wind down or immediately end coal financing. And four, the emergence of cheaper renewables that downgraded new investments in coal as a costly mistake.
Since 2015, more than half of countries with coal power have reduced or kept their operating capacity flat. In addition, announced, pre-permit, permitted and construction coal capacity was reduced by 68% globally. From 2015 to 2021, changes in the global pipeline of proposed coal power plants showed a 76% collapse in coal construction.
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Over 60% of global gas-fired capacity in development is based in Asia. Governments are pursuing the gas build-out to ostensibly meet growing energy demand while turning away from coal. Current gas expansion plans in Southeast Asia could lead to a doubling of gas-fired power capacity and an 80% increase in LNG import capacity. This would lock the region into an economically volatile fuel that is dangerous for people and the climate.
Read the full post at Climate Home News.
