Guide: Although coal has long been regarded as the cheapest way to promote the development of the global economy, this is no longer the case. On June 30, the groundbreaking report "How to Accelerate Coal Decommissioning: The Feasibility and Fairness of Accelerating Coal Decommissioning" jointly released by the Rocky Mountain Institute RMI, Carbon Tracker Initiative and Sierra Club A new set of financial data and tools to prove that the gradual elimination of coal globally can become feasible and fair. The report shows that renewable energy is already very cheap, and there is no reason for the world to continue operating coal-fired power plants around the world.

Although coal has long been regarded as the cheapest way to promote the development of the global economy, this is no longer the case. On June 30, the groundbreaking report "How to Accelerate Coal Decommissioning: The Feasibility and Fairness of Accelerating Coal Decommissioning" jointly released by the Rocky Mountain Institute RMI, Carbon Tracker Initiative and Sierra Club A new set of financial data and tools to prove that the gradual elimination of coal globally can become feasible and fair. The report shows that renewable energy is already very cheap, and there is no reason for the world to continue operating coal-fired power plants around the world. The report lists specific financial strategies that utility companies and policy makers can use to accelerate the elimination of coal in various regions of the world. The three institutions believe that the global transition from coal to clean energy has reached a financial critical point. Even without considering the serious impact of coal on health, climate, and the environment, a simple analysis of power generation prices alone shows that new renewable energy power generation is cheaper than new coal-fired power plants everywhere. If the battery energy storage factor is taken into account, the new renewable energy power generation is already cheaper than 39% of the coal-fired power plants currently in operation. More and more coal-fired power plants around the world will lose price competitiveness. By 2022, 60% of coal-fired power plants will lack a competitive advantage over renewable energy, and this number will soar to 73% by 2025. Not to mention, renewable energy also has the social and environmental benefits of reducing pollutant emissions.

Even without considering the pollution cost of coal power, renewable energy is already cheaper than coal power

The data shows that by the end of 2020, replacing uncompetitive coal with clean energy can save global power customers $39 billion; by 2022, it can save $86 billion, bringing net cost savings to customers. By 2025, the cost savings have risen further to $141 billion.