Building new wind and solar plants will soon be cheaper in every major market across the globe than running existing coal-fired power stations, according to a new report. The analysis by the Carbon Tracker Initiative, a climate finance thinktank, found renewable power was expected to cost less than electricity from existing coal plants by 2030 at the latest. Solar photovoltaics and wind energy were already cheaper than electricity from about 60% of coal stations, including about 70% of China’s coal fleet and half of Australia’s plants, it said. The findings raise doubt about the medium-term viability of Australia’s $26 billion thermal coal export industry. In Japan, where Australia sells nearly half its exported thermal coal, wind power was found to cost less than new coal plants and was expected to be cheaper than existing coal by 2028. Yet, the report acknowledged this trend did not necessarily mean coal power would be pushed from the market within a decade, and that governments played a key role in incentivising or underwriting coal use.

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The Guardian