The first quarter of 2020 ushered in an economic crisis second only to the Great Depression. This is no ordinary crisis, but an ecological crisis of deforestation and wildlife-human virus transmission that has spiralled out of control into an economic crisis.
In the middle of this pandemic-driven crisis, we are seeing a surge in coal power plant shutdowns in Europe and the United States. With lower variable costs, renewable energy has a competitive edge over coal and is expected to become cheaper overall by 2023. Around the world, funds are divesting their holdings in fossil fuels or reviewing their assets through an ecological lens and coal has been the first to end up on the chopping block. Major investors such as HSBC, Standard Chartered, Black Rock and J. P.
Morgan no longer invest in coal. Big energy producers like Shell and BP are even diversifying their businesses to produce renewable energy.
India has made huge strides towards its vision of being a leader in renewable energy. Recognizing this as a sunrise industry, the country has installed over 86GW of renewable energy, with a target of 175GW by 2022 and 450GW by 2030. Its launch of the International Solar Alliance is further proof of the country’s commitment to playing an active leadership role in renewable energy on the global stage today.
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