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After coal, gas may be the target of the climate lobby-II: Will gas face the same fate as coal?
May 08: While the gas sector may have won the battle against coal, it may face a fate similar to coal in its battle against the renewal fuel industry.
8No fresh coal based generation capacity is being built anymore and existing units are being retired.
8Most governments are also beginning to recognize that reliance on coal -- and some of them are now saying gas -- expose their economy to price volatility on the global markets and decreases their energy security. These considerations, combined with increasing cost competitiveness of renewables, means that investment in new fossil fuel generation capacity is slackening off.
8In India, gas sector investments remain unviable in comparison with the coal industry but the future of gas-based power is also threatened by the growth from the competitive renewable power segment.
8At the end of 2015, 23.7% of power was coming from renewable sources of energy, and investment in renewables continues to gather pace. In 2016, wind and solar PV constituted 78.4% of new capacity in the EU, in the US almost two-thirds of new capacity was renewable, and in China combined new capacity in wind and solar reached 52 GW and was roughly equal to the new capacity in coal and gas. Even more positively, over the last seven years alone, solar PV costs have come down 85%, meaning it already outcompetes fossil fuel generation capacity in many regions of the world.
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