If the global reduction of fossil fuel burning goes down as fast as needs to, lack of demand for them should soon drop their selling price below their production cost floor. Everyone knows the target of 50% reduction by 2030, as required for even a two thirds chance of keeping global warming below 1.5 degrees C.
Climate for Change news-letter reported the following recognition and encouragement of those many already ahead of the rushing crowd. Don't be the last institution or that laggard nation left holding the stranded assets!
Australian Solar uptake is going up
Nationally, 250 megawatts of electricity were added in September – the second highest monthly level on record – despite Victorian installations plummeting as a result of Melbourne's stage four COVID-19 lockdown. This is more than 43 per cent up on a year ago. - https://www.theage.com.au/environment/sustainability/solar-installations-go-through-the-roof-despite-victoria-s-lockdown-20201006-p562h4.html
High solar noon record
Yet another record has been set for renewables this week, with rooftop solar, large-scale solar and wind, and a little bit of hydro combining to supply just under 53% of demand on the national grid at midday on Friday. https://reneweconomy.com.au/australian-renewables-hit-new-high-of-52-9-per-cent-61480/
Korean bank will finance coal power no more
As part of its corporate roadmap to combat global climate change, the South Korean financial giant KB Financial will no longer participate in financing of new thermal power plant construction in and out of the country, and instead, increase investment in new eco-related investment opportunities, such as green vessels and vehicles. http://www.koreaherald.com/view.php?ud=20200927000139
European Parliament votes for 60% emissions cut by 2030
Because they need to and they think it is possible. https://www.euractiv.com/section/energy-environment/news/eu-parliament-votes-for-60-carbon-emissions-cut-by-2030/
UK National Health goes for net-zero emissions
NHS aims for 80% reduction by 2032, and 100% reduction by 2040. The UK government already targets zero-net emissions by 2050. https://www.england.nhs.uk/greenernhs/a-net-zero-nhs/
Regenerative farming is great for us and climate
Netflix new documentary "Kiss the Ground" -- Put carbon and nutrients back in the soil, grow more nutrious food, what's not to like? https://www.greenmatters.com/p/kiss-the-ground-netflix
US Coal power decline accelarates
Since Mr. Trump was inaugurated, 145 coal-burning units at 75 power plants have been idled, eliminating 15 percent of the nation’s coal-generated capacity, enough to power about 30 million homes. That is the fastest decline in coal-fuel capacity in any single presidential term, far greater than the decline rate during either of President Barack Obama’s terms. I guess the Trump re-election campaign will not be trying to sell this as climate mitigation achievement.
Exxon-Mobile market valuation overtaken by renewables
NextEra Energy, the largest wind and solar utility in the US – – has just overtaken the world’s largest oil major ExxonMobil in market value. Some investors may be publicly denying global warming concerns while secretly selling their fossil fuel shares while they are still worth something.
An investment in NextEra a decade ago would have delivered to return of 600 per cent, while an investment in ExxonMobil would have returned minus 25 per cent. How's that for growth where the smart money is going! https://reneweconomy.com.au/australian-renewables-hit-new-high-of-52-9-per-cent-61480/
Nations are setting ambitious targets. When does the abandonment of fossil fuels become a rush? Will it be soon? How much embarrassment at the next COP, if Australia fronts up and says its climate contribution is to be lots of gas?