Shifting from Coal to Renewables now Cheaper than Gas

There is a hopeful prospect after high records show higher coal and gas prices. 

Switching from coal to clean energy compared to switching from coal to gas is cheaper according to the findings of climate analytics firm TransitionZero owing to the renewables dropping down the costs and battery storage.

“The carbon price needed to incentivize the switch from coal generation to renewable energy for storage has dipped to a negative price,” said Jacqueline Tao, an analyst at TransitionZero.“So essentially that means that you can switch to renewables at a cost-saving,” she told CNBC’s “Street Signs Asia”

Since 2010, In comparison with coal and gas,  the global average cost of switching from coal to clean energy jumped by 99%. By using the C3PI project or coal to clean carbon price index, the carbon price level is measured and it showed that the carbon price needed to boost the switch to renewable energy from coal has come up to -$62 per ton of carbon dioxide emitted in 2022 on average and to boost from coal to gas it would be  $235/tCO2.

Transitioning to renewable energy from coal is at a high cost in various countries and their prices vary. Choosing renewable energy helps with cost saving as well as helps enhance energy security concerns. They also provide a hedge against climate change risks. While investing in renewable energy does a lot of good, investing in energy-saving devices like FORCE benefits in saving your electricity bill by 5-15% reduces power consumption by 10-20%, and can be used with anything that uses electricity.

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