The bill for full decarbonization of the economy – which is likely to see the decommissioning of no more than half the current coal fleet, with CCS doing some heavy lifting, according to the US-owned analyst – could come in at more than $5 trillion.
The Carbon Tracker Initiative crunched some numbers and discovered that more than half a trillion dollars worth of coal investments are at serious risk due to the declining cost of renewables.
The utility claims that current market conditions are not ideal for the project, which has been under consideration since 2012. The power station was meant to replace existing lignite capacity, and according to RWE, it would have been more efficient. The company says that it will refrain from making further investments in coal capacity while increasing its focus on renewable energy and storage.
Carbon Tracker has released a report claiming it is cheaper, in many markets, to construct new renewable generation assets instead of running legacy coal-fired power plants. Billions could be saved for customers, while profits in the two-digit billion-dollar range look set to be lost by the coal industry.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.