Coal industry may never recover from Covid-19 pandemic

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Coal industry may never recover from Covid-19 pandemic

May 20, 2020 12:46 IST

The global coal industry may never recover from the Covid-19 pandemic as the crisis has proved that renewable energy is cheaper for consumers and safer for investors, says a report by British publication The Guardian. In the European Union, imports of coal for power plants plunged by almost two-thirds in recent months. It is projected that the US will produce more electricity this year from renewables than from coal for the first time. Last month, Sweden closed its last coal-fired power plant two years early. In India, the world’s second-biggest coal consumer, the government has prioritised cheap solar energy due to reduced electricity demand and pull the economy out of the lockdown. Even as China reopened, the demand for coal has not returned to its previous level, states the report.

Environment