: Opinion: Turning coal transitions into reality #IndiaNEWS #News By John Wiseman Coal-dependent countries around the world face two wickedly interlinked challenges: accelerating the phase out of coal

Opinion: Turning coal transitions into reality #IndiaNEWS #News
By John Wiseman

Coal-dependent countries around the world face two wickedly interlinked challenges: accelerating the phase out of coal to prevent catastrophic global warming, while sustaining economic prosperity and political support.
As UN Secretary General Antonio Gutteres recently said, keeping global warming close to 1. 5 degrees requires all new coal investments to stop now with coal phased out in OECD economies by 2030 and everywhere else by 2040.
Energy supply and economic impacts of the war in Ukraine have clearly made these tasks even tougher. But the war has also provided a powerful reminder of the huge strategic and environmental risks of fossil fuel addiction.
Quitting coal need not end in economic crisis, nor energy shortages. Not quitting coal will certainly end in climate — and therefore economic — disaster. Researchers have systematically reviewed the policies of nations well down the path of transitioning away from coal, providing guidance on what works.
Proactive, collaborative leadership
Governments quitting coal in a rapid, just and orderly manner have commonly employed a proactive, collaborative and well-coordinated mix of demand and supply-side policies.
Key demand-side policy levers include carbon pricing mechanisms; reducing energy consumption and improving energy efficiency. And providing strong financing and infrastructure support for the rapid expansion of renewable energy.
Supply-side policies such as accelerating coal industry closure through removal of subsidies and through direct regulation, taxation and export licensing are also vital. Regulatory actions to overcome the negative impacts of coal on air quality, health and environmental outcomes often play a key role. So too do mission-oriented industry policies driving economic renewal and job creation.
The European union remains strongly focused on phasing-out coal by 2030. More than €80 billion (. 9 billion) has been allocated to strengthen skills and job opportunities in coal-dependent regions. These funds will also help leverage billions of dollars in private sector finance for clean energy infrastructure and technology.
German Chancellor Olaf Schulz recently proposed the German coal-phase out date be brought forward to 2030. The German Coal Commission, comprising government, business and union stakeholders, has suggested €40 billion (. 2 billion) is needed to support coal dependent workers and communities.
Spain has underpinned its ambitious coal phase-out and renewable energy goals with over €250 million (9 million) for ‘Just Transition’ contracts covering early retirement, re-employment, environmental regeneration and green industry investment and employment goals and strategies.

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