The climate is worrying that investments in new natural gas and oil fields have increased by 4% and new coal projects have increased by 2%. Especially since the increase in coal is the first in 2012, while investments in renewable energy are reduced by 2% at the same time.
The IEA, which is part of the OECD co-operation organization, however, states that fossil fuels are partly made to keep production at the same level – making it increasingly expensive and harder to extract fossil fuels. For the renewal, the opposite applies. Prices for new plants are decreasing, so quantities can decrease, but solar and wind power production may increase.
Doubt is noticed
There is even a delay effect. Decisions on coal investment from previous years have come into force, and now there is growing hesitation. "The decisions to invest in coal-fired power plants have fallen to the lowest level this century and the closure has increased, but the number of coal-fired power stations has continued to grow, especially in Asian developing countries," says him.
Raw Materials Analyst David Fickling sees a clear trend that he believes "the world's coal-fired power plant will soon be built."
Since the 19th century
The IEA report shows that investment decisions for the new coal have collapsed by a total of three quarters in the past three years from 88 GW 2015 to 22 GW 2018 last year. "It is almost certain that this is the case for the first time in a generation and perhaps for the first time since the 19th century," he writes, and believes that this trend means that a dirty, outdated form of technology .
However, IEA manager Fatih Birol commented that the transition was too slow:
"After all, the world does not invest enough in traditional supplies to maintain today's patterns of consumption, but does not invest enough in cleaner energy technologies to change the course. Whatever the case, we are building risks for the future. "