Wind and solar power are "much more competitive" against dirty energy sources than they were even just a few years ago, according to a detailed global analysis published this week.
In fact, according to the findings from the research company Bloomberg New Energy Finance (BNEF), wind power is now the cheapest electricity to produce in both Germany and the UK, even without government subsidies. Though Denmark passed the same milestone last year, this is the first time that threshold has been crossed by a G7 economy.
The analysis took into account not just the cost of generating a megawatt hour (MWh) of electricity, but also the upfront capital and development expenses, the cost of equity and debt finance and operating and maintenance fees.
In the U.S., coal and gas are still cheaper, at $65 per MWh, compared to onshore wind at $80 and solar at $107.
Still, given documented trends, "it's impossible to brush aside renewables in the U.S. in the same way it might have been just a few years ago," writes Bloomberg's Tom Randall.
"Renewables are really becoming cost-competitive and they're competing more directly with fossil fuels," BNEF analyst Luke Mills told Bloomberg. "We're seeing the utilization rate of fossil fuels wear away."
Indeed, while the future for renewables looks bright, the outlook for coal and other dirty energy sources is decidedly more dismal—and bound to become even more so.
"It's a self-reinforcing cycle," writes Randall. "As more renewables are installed, coal and natural gas plants are used less. As coal and gas are used less, the cost of using them to generate electricity goes up. As the cost of coal and gas power rises, more renewables will be installed."
Already there is evidence of this shift taking place. Citigroup on Monday announced a new policy to cut its lending to the global coal mining industry—a development hailed by environmental groups as an acknowledgement that "the scale of the challenge posed by climate change calls for the financial sector to transition away from financing high-carbon energy sources in addition to scaling up financing for low-carbon energy."
"With Bank of America, Crédit Agricole and now Citigroup withdrawing support for coal mining, this announcement shows major momentum away from financing coal by the banking sector," said Lindsey Allen, executive director of the Rainforest Action Network, which campaigns for banks to cut ties with the coal industry. "But reducing credit exposure is only a partial step forward. We urge Citigroup and Wall Street laggards such as Morgan Stanley to cut all financing ties to both coal mining and coal-fired power."
To that end, Rainforest Action Network and allied groups are planning a day of action this Friday targeting Morgan Stanley, which conducted half a billion dollars worth of coal deals in 2014, financed $1.2 billion for the largest coal fired power plant operators in the world last year and continues to finance mountaintop removal coal mining.
Dropping dirty fuels is just good business, said Michael Brune, executive director of the Sierra Club, in a statement to the Washington Post on Tuesday.
"Clean energy solutions like wind and solar are getting more affordable and more accessible by the day, meaning they are increasingly the smartest long-term financial investments for utilities and other electricity producers across America," he said, responding to the BNEF report. "The transition to a clean energy economy is going full speed ahead and pushing dangerous, dirty fossil fuels to the back of the line."
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Here are three new films to watch this Earth Week that will transport you from pole to pole and introduce you to the scientists and activists working to save our shared home.
1. The Year Earth Changed
Where to Watch: Apple TV+
When to Watch: From April 16
The coronavirus pandemic has brought home the stakes of humanity's impact on the environment. But the lockdowns also proved how quickly nature can recover when humans give it the space. Birds sang in empty cities, whales surfaced in Glacier Bay and capybara roamed the South American suburbs.
The Year Earth Changed captures this unique year with footage from more than 30 lockdowned cities between May 2020 to January 2021. Narrated by renowned wildlife broadcaster David Attenborough, the film explores what positive lessons we can take from the experience of a quieter, less trafficked world.
"What the film shows is that the natural world can bounce back remarkably quickly when we take a step back and reduce our impact as we did during lockdown," executive producer Alice Keens-Soper of BBC Studios Natural History Unit told EcoWatch. "If we are willing to make even small changes to our habits, the natural world can flourish. We need to learn how to co-exist with nature and understand that we are not separate from it- for example if we closed some of our beaches at for a few weeks during the turtle breeding we see that it can make a huge difference to their success. There are many ways that we can adapt our behavior to allow the natural world to thrive as it did in lockdown."
2. After Antarctica
Where to Watch: San Francisco International Film Festival
When to Watch: 12 a.m. PST April 9 to 11:59 p.m. April 18
In 1989, Will Steger led an international team of six scientists and explorers to be the first humans to cross Antarctica by dogsled. Steger and his team weren't just in it for the adventure. They also wanted to draw attention to the ways in which the climate crisis was already transforming the icy continent and to rally support for the renewal of the Antarctic Treaty, which would keep the continent safe from extractive industries.
In After Antarctica, award-winning filmmaker Tasha Van Zandt follows Steger 30 years later as he travels the Arctic this time, reflecting on his original journey and once again bringing awareness to changes in a polar landscape. The film intersperses this contemporary journey with footage from the original expedition, some of which has never been seen before.
"Will's life journey as an explorer and climate activist has led him not only to see more of the polar world than anyone else alive today, but to being an eyewitness to the changes occurring across both poles," Van Zandt told EcoWatch. "But now, these changes are happening in all of our own backyards and we have all become eyewitnesses. Through my journey with Will, I have learned that although we cannot always control change, we can change our response. I feel strongly that this is a message that resonates when we look at the current state of the world, as we each have power and control over how we choose to respond to hardships, and we all have the power to unite with others through collective action around a common goal."
After Antarctica is available to stream once you purchase a ticket to the San Francisco International Film Festival. If you miss it this weekend, it will screen again at the Minneapolis St. Paul International Film Festival from May 13 to May 23.
Tasha Van Zandt
3. The Race to Save the World
Where to Watch: Virtual Cinema
When to Watch: From Earth Day, April 22
While many films about the climate crisis seek to raise awareness about the extent of the problem, The Race to Save the World focuses on the people who are trying to stop it. The film tells the story of climate activists ranging from 15-year-old Aji to 72-year-old Miriam who are working to create a sustainable future. It follows them from the streets to the courtroom to their homes, and explores the impact of their advocacy on their personal lives and relationships.
Emmy award-winning documentary filmmaker Joe Gantz told EcoWatch that he wanted to make a film about climate change, but did not want to depress viewers with overwhelming statistics. Instead, he chose to inspire them by sharing the stories of people trying to make a difference.
"Unless millions of people take to the streets and make their voices heard for a livable future, the politicians are not going to get on board to help make the changes needed for a sustainable future," Gantz told Ecowatch. "I think that The Race To Save The World will energize and inspire people to take action so that future generations, as well as the plants, animals and ecosystems, can survive and thrive on this planet."
Check back with EcoWatch on the morning of Earth Day for a special preview of this inspiring film!