There is a good reason why many countries are now saying they plan to go net zero: the collapsing cost of renewables is completely changing decarbonization.
In October 2020, the International Energy Agency concluded the best solar power schemes now offer “the cheapest source of electricity in history.”
Renewables are already often cheaper than fossil fuel power in much of the world when it comes to building new power stations.
And, if the nations of the world ramp up their investments in wind, solar and batteries in the next few years, prices are likely to fall even further to a point where they are so cheap it will begin to make commercial sense to shut down and replace existing coal and gas power stations.
That is because the cost of renewables follows the logic of all manufacturing – the more you produce, the cheaper it gets. Investors won’t need to be bullied by green activists into doing the right thing, they will just follow the money.