G7 Freshens Air, But Maybe Not For All
quietus writes:
The Group of Seven (G7) countries, which include Canada, France, Germany, Japan, the UK and the US, announced at a ministerial meeting that they will shut down coal-fired power plants by 2030-2035, or on a timeline consistent with the 1.5 C degree temperature limit. In addition, the G7 countries announced they will rapidly scale-up battery storage sixfold by 2030 to support electricity grids powered by renewable energy sources.
The latest G7 statement is not entirely surprising if you've been following coal consumption in the countries mentioned. In 2003, the G7 still were the proud owners of a 44% share in global coal-fired electricity. By 2013, that share had lowered to 26.5% -- currently it is down to 11%. But still.
This new ban follows close on the heels of a ban for all (new) petrol/diesel cars in the whole of the European Union + United Kingdom, by 2035 -- like already implemented by individual States within the US.
Now this writeup is about the impact these bans will have on the economic prospects of other countries.
For example, Japan imported just over 110 million metric tons of thermal coal last year, compared to around 330 million tons imported by China and 170 million tons by India. Their current suppliers are Australia, Indonesia, Russia and Canada. Some fast-growing economies elsewhere, including India, the Philippines and Vietnam, may snap up some of the reduced volumes bought by G7 nations over the near term.But in the longer run those and other nations plan to sharply increase clean power generation and cut back on fossil fuel use.
What will happen to OPEC and coal exporting countries after 2035?
It is a hard fate ... to be banned ... by the world, only because one has sought to be wiser than the world is.- Edward Bulwer Lytton
Read more of this story at SoylentNews.