Today, the Sierra Club released a new study, revealing that the days of cheap, affordable coal fired power are now over. The report, Locked In: The Financial Risks of New Coal-Fired Power Plants in Today’s Volatile International Coal Market, challenges the traditional view that coal is a cheap and reliable energy option for countries around the world. At a time when coal-fired power is at a historic low in the U.S. and the EU, the report warns of developing countries locking themselves into coal plant investments that face significant financial risk from rising costs.
Authored by Bruce Buckheit, former director of the U.S. Environmental Protection Agency's (EPA) Air Enforcement Office, the report upends a common argument in favor of coal investment—that it is cheap and affordable. Rather, the report highlights the rising costs of coal plant construction, rising global coal prices and the emergence of an “Organization of Coal Exporting Countries” (OCEC)—all of which make electricity from coal-fired power plants inherently risky and unaffordable for countries around the world.
“Environmental and public health concerns aside, the truth is coal is just a lousy financial investment,” says Justin Guay, Washington representative for the Sierra Club. “Policymakers and financial institutions need to catch up to this 21st century reality—coal is no longer affordable.”
According to the report, the primary factor affecting the viability of coal-fired power plant projects is increasing costs. Construction cost overruns of up to 100 percent have become common-place while coal prices continue to rise around the world. The latter is exacerbated by an emerging OCEC that dominates a highly concentrated global coal market. The top two producers alone—Australia and Indonesia—account for more than 50 percent of global coal exports, providing ample opportunity for maintaining high coal prices. Often prevented from passing on these costs to consumers due to domestic regulatory structures, coal plant investments in China and India retain maximum exposure to these cost fluctuations which puts significant pressure on profit margins, making them extremely risky investments.
The fallout from these rising costs is already evident around the world. In India, the 4GW Tata Mundra Ultra-Mega Power Plant project is seeking to be released from its long-term power purchase agreements in the face of billions of dollars in losses, before it has even completed construction. In the U.S. the recently-completed Spiritwood Station coal plant in North Dakota has opted to remain idle rather than operate at a loss.
“We are seeing a rise in non-performing coal assets around the world,” says Guay. “These risky investments force average citizens to pay the price for increasingly expensive coal fired power.”
Compounding these problems is the opportunity cost of the alternative—clean, renewable energy. Leading competitors such as wind energy and solar photovoltaic (PV) panels are experiencing plummeting prices and rapidly becoming competitive with coal fired power. The report documents that the cost of power from solar PV has fallen by more than 60 percent since 2008, while new wind power can provide energy at 5-10 cents/kWh, making it competitive with coal in any market.
“Clean energy is increasingly competitive around the world," says Guay. “Countries and financial institutions that lock themselves into coal investments are exposed to the risk volatile international fuel markets—something clean energy investments avoid.”
Ultimately, the report argues that avoiding ‘lock-in’ to new coal fired power plant investments requires assuming that coal prices will rise, using accurate discount rates and establishing a risk premium for any proposed coal plant investment. The combination of these measures can help shield financial institutions from the increasing risks associated with coal.
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By Alexandra Rowles
Oregano is a fragrant herb that's best known as an ingredient in Italian food.
However, it can also be concentrated into an essential oil that's loaded with antioxidants and powerful compounds that have proven health benefits.
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By Emily Grubert
Natural gas is a versatile fossil fuel that accounts for about a third of U.S. energy use. Although it produces fewer greenhouse gas emissions and other pollutants than coal or oil, natural gas is a major contributor to climate change, an urgent global problem. Reducing emissions from the natural gas system is especially challenging because natural gas is used roughly equally for electricity, heating, and industrial applications.
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What RNG Is and Why it Matters<p>Most equipment that uses energy can only use a single kind of fuel, but the fuel might come from different resources. For example, you can't charge your computer with gasoline, but it can run on electricity generated from coal, natural gas or solar power.</p><p>Natural gas is almost pure methane, <a href="https://www.eia.gov/energyexplained/natural-gas/" target="_blank">currently sourced</a> from raw, fossil natural gas produced from <a href="https://www.eia.gov/energyexplained/natural-gas/where-our-natural-gas-comes-from.php" target="_blank">deposits deep underground</a>. But methane could come from renewable resources, too.</p><p><span></span>Two main methane sources could be used to make RNG. First is <a href="https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas-emissions-and-sinks" target="_blank">biogenic methane</a>, produced by bacteria that digest organic materials in manure, landfills and wastewater. Wastewater treatment plants, landfills and dairy farms have captured and used biogenic methane as an energy resource for <a href="http://emilygrubert.org/wp-content/uploads/2019/02/eia_860_2017_map.html" target="_blank">decades</a>, in a form usually called <a href="https://www.eia.gov/energyexplained/biomass/landfill-gas-and-biogas.php" target="_blank">biogas</a>.</p><p>Some biogenic methane is generated naturally when organic materials break down without oxygen. Burning it for energy can be beneficial for the climate if doing so prevents methane from escaping to the atmosphere.</p>
Renewable Isn’t Always Sustainable<p>If RNG could be a renewable replacement for fossil natural gas, why not move ahead? Consumers have shown that they are <a href="https://www.nrel.gov/analysis/green-power.html" target="_blank">willing to buy renewable electricity</a>, so we might expect similar enthusiasm for RNG.</p><p>The key issue is that methane isn't just a fuel – it's also a <a href="https://www.eia.gov/environment/emissions/ghg_report/ghg_overview.php" target="_blank">potent greenhouse gas</a> that contributes to climate change. Any methane that is manufactured intentionally, whether from biogenic or other sources, will contribute to climate change if it enters the atmosphere.</p><p>And <a href="http://doi.org/10.1126/science.aar7204" target="_blank">releases</a> <a href="https://doi.org/10.1016/j.wasman.2019.07.029" target="_blank">will happen</a>, from newly built production systems and <a href="https://theconversation.com/why-methane-emissions-matter-to-climate-change-5-questions-answered-122684" target="_blank">existing, leaky transportation and user infrastructure</a>. For example, the moment you smell gas before the pilot light on a stove lights the ring? That's methane leakage, and it contributes to climate change.</p><p>To be clear, RNG is almost certainly better for the climate than fossil natural gas because byproducts of burning RNG won't contribute to climate change. But doing somewhat better than existing systems is no longer enough to respond to the <a href="https://doi.org/10.1038/nclimate2923" target="_blank">urgency</a> of climate change. The world's <a href="https://www.ipcc.ch/sr15/chapter/spm/" target="_blank">primary international body on climate change</a> suggests we need to decarbonize by 2030 to mitigate the worst effects of climate change.</p>
Scant Climate Benefits<p><a href="https://iopscience.iop.org/article/10.1088/1748-9326/ab9335/meta" target="_blank">My recent research</a> suggests that for a system large enough to displace a lot of fossil natural gas, RNG is probably not as good for the climate as <a href="https://investor.southerncompany.com/information-for-investors/latest-news/latest-news-releases/press-release-details/2020/Southern-Company-Gas-grows-leadership-team-to-focus-on-climate-action-innovation-and-renewable-natural-gas-strategy/default.aspx" target="_blank">is publicly claimed</a>. Although RNG has lower climate impact than its fossil counterpart, likely high demand and methane leakage mean that it probably will contribute to climate change. In contrast, renewable sources such as wind and solar energy do not <a href="https://www.eia.gov/environment/emissions/carbon/" target="_blank">emit climate pollution directly</a>.</p><p>What's more, creating a large RNG system would require building mostly new production infrastructure, since RNG comes from different sources than fossil natural gas. Such investments are both long-term commitments and opportunity costs. They would devote money, political will and infrastructure investments to RNG instead of alternatives that could achieve a zero greenhouse gas emission goal.</p><p>When climate change first <a href="https://www.nytimes.com/1988/06/24/us/global-warming-has-begun-expert-tells-senate.html" target="_blank">broke into the political conversation</a> in the late 1980s, investing in long-lived systems with low but non-zero greenhouse gas emissions was still compatible with aggressive climate goals. Now, zero greenhouse gas emissions is the target, and my research suggests that large deployments of RNG likely won't meet that goal.</p>
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The U.S. Environmental Protection Agency (EPA) recently issued a list of 431 products that are effective at killing viruses when they are on surfaces. Now, a good year for Lysol manufacturer Reckitt Benckiser just got better when the EPA said that two Lysol products are among the products that can kill the novel coronavirus that causes COVID-19.
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For all its posturing on climate change, the Democratic Party has long been weak on the actual policies we need to save us from extinction. President Barack Obama promised his presidency would mark "the moment when the rise of the oceans began to slow," and then embraced natural gas, a major driver of global temperature rise, as a "bridge fuel." Climate legislation passed in the House in 2009 would have allowed industries to buy credits to pollute, a practice known to concentrate toxic air in black and brown neighborhoods while doing little to cut emissions.
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Bayer's $10 billion settlement to put an end to roughly 125,000 lawsuits against its popular weed killer Roundup, which contains glyphosate, hit a snag this week when a federal judge in San Francisco expressed skepticism over what rights future plaintiffs would have, as the San Francisco Chronicle reported.
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By Charli Shield
When an elephant dies in the wild, it's not uncommon to later find its bones scattered throughout the surrounding landscape.
Elephant Burial Grounds<p>Highly social creatures that form deep familial bonds, elephants have long been observed gathering at the site where a peer or family member has died — often spending hours, even days, quietly investigating the bodies or the bones of other dead elephants.</p><p>Although the popular idea that dying elephants are instinctively drawn to special communal graves — so-called "elephant graveyards" — is a myth, their tendency to go out of their way to visit the bones and tusks of the deceased isn't unlike human rituals at graveyards, says animal psychologist Karen McComb.</p><p>"They spend a lot of time touching and smelling skulls and ivory, placing the soles of their feet gently on top of them, and also lifting them up with their trunks," McComb, who's been studying African elephants for 25 years in Kenya's Amboseli National Park, told DW.</p><p>The most striking part of watching an elephant experience loss, Poole recalls, is the quietude. She still remembers one of the first elephant deaths she witnessed; a mother who birthed a stillborn calf. That elephant stayed with its baby for two days, trying to lift it and defending it from vultures and hyenas.</p><p>"I was so struck by the expression on her face and her body. She looked so dejected. It was really like, 'Oh God, these animals grieve…'. It was just so different," Poole told DW. </p>
Witnessing Emotions in Animals<p>Not all scientists are comfortable concluding that elephants grieve. Among the more than 30 reports of elephant reactions to death that Wittemyer co-reviewed in <a href="https://link.springer.com/article/10.1007/s10329-019-00766-5" target="_blank">a study published in November 2019</a> were accounts of "enormous variation and nuance" he says. "It can be incredibly involved and intricate for extended periods or can be relatively cursory checks."</p><p>In Wittemyer's own experience, it can be difficult not to attribute some kind of emotional experience to the more involved interactions between elephants and their dead.</p><p>He shares the story of an "extraordinary event" involving the death of a 55 year-old matriarch in Kenya in a protected area that happened to be near his place of work. She was visited by multiple unrelated families while she was dying, including another matriarch that exerted such enormous effort attempting to lift her to her feet that she broke her tusk, which Wittemyer says, is "like breaking a tooth." </p><p><span></span>"It was a remarkable example of this heightened emotional state, it was very clearly a very stressful interaction," he says.</p>
A Different Sensory World<p>One factor that limits our ability to fully grasp the way elephants process and respond to loss is our markedly different sensory experiences of the world.</p><p>An elephant's world is fundamentally olfactory — based on smell. Ours is visual. Previous <a href="https://pubmed.ncbi.nlm.nih.gov/25053675/" target="_blank">research</a> has shown elephants possess the most scent receptors of any mammal, and can <a href="https://pubmed.ncbi.nlm.nih.gov/17949977/" target="_blank">use smell</a> to discern the difference between different human tribes from the same local area.</p><p>That could explain why elephants exhibit such interest in sniffing the bones and tusks of others, as a <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1617198/" target="_blank">2005 study</a> from McCombs highlighted. When presented with the skulls and ivory of long-dead elephants and those from other large herbivores, including rhino and buffalo, McCombs and her team found elephants approached and were specifically attracted to the remains of their own species. </p><p>Without access to the smells an elephant picks up on, Wittemyer says "an enormous amount of stuff" could be missed by humans when studying these behaviors.</p>
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