Coal industry will never recover after coronavirus pandemic, say experts
(The Guardian, 17 May 2020) Crisis has proved renewable energy is now a safer investment, and accelerated the shift
The global coal industry will “never recover” from the Covid-19 pandemic, industry observers predict, because the crisis has proved renewable energy is cheaper for consumers and a safer bet for investors.
A long-term shift away from dirty fossil fuels has accelerated during the lockdown, bringing forward power plant closures in several countries and providing new evidence that humanity’s coal use may finally have peaked after more than 200 years.
That makes the worst-case climate scenarios less likely, because they are based on a continued expansion of coal for the rest of the century.
Even before the pandemic, the industry was under pressure due to heightened climate activism, divestment campaigns and cheap alternatives. The lockdown has exposed its frailties even further, wiping billions from the market valuations of the world’s biggest coal miners.