New renewable energy sources are now cheaper to develop than new coal plants, according to Carbon Tracker, an independent financial think-tank that carries out in-depth analysis on energy.
In 10 years it will be cheaper to close down coal plants and build wind and solar plants instead, mainly because of cheaper wind and solar power.
However, the International Energy Agency says coal will remain the largest global power source for years unless governments radically change policies.
Carbon Tracker looked at the economics of 95% of the world’s coal-fired power stations and found that, in most countries, including the UK, it’s already cheaper to build renewable energy generation than new coal-burning plants.
The study forecasts that within 10 years the cheapest option in all countries would be to close down existing coal-fired power stations and build wind and solar power plants instead.