Experts agree that ‘There is a solid business case’ for cheaper and more sustainable energy.
Over 800 Coal Plants on the Radar
Close to a thousand coal plants around the globe are expected to switch to a more eco-friendly energy alternative. This projected switch is expected to mark an uptick in the fight against climate change.
Concerns about Atmospheric Pollution Remain
Functional coal plants remain one of the major culprits behind toxic emissions. Many have continued to voice out their concerns about the impact of this energy source on the environment.
Outdated and Posing Multiple Environmental Risks
There are valid concerns about the dangers coal plants pose to the environment. Many resource experts link the prevalent drought in some regions to the large volumes of water coal plants require.
Closure of Coal Plants Essential to Improved Health
The expected reduction of toxic emissions will significantly improve the quality of breathable air. Health professionals expect a significant reduction in the cases of respiratory and cardiovascular illnesses.
Archaic, but still in Style
Coal plants are amongst the oldest industrial-scale energy sources. They remain a major power source for many developing countries.
Valid Basis for Shutdown
According to a public report, the time is perfect for a total overhaul of the global energy sector. The transition to industrial-scale solar energy systems will transform the energy sector in a better way.
Meaningful Action Against Climate Change
The projected closure of coal plants is considered by many to be a step in the right direction against climate change. Previously, there has been lots of criticism for mere promises to combat climate change without any real action to back the talk.
A True Dilemma
Coal plants are the only energy source for the manufacturing industries of most developing countries. Shutting down such coal plants poses a serious threat to the survival of such nations.
Expect a Switch to Solar Energy
Most coal plants are currently situated on large swathes of land, which will be perfect for setting up solar energy plants.
An Efficient and Eco-friendly Alternative
Energy experts tout solar energy as a reliable alternative for a seamless transition to renewable energy sources. Compared to coal plants, solar panels present no risk to the environment.
Multiple Financial Levers to be Activated
The conversion of coal plants to vial solar energy plants is a capital-intensive venture. Reports indicate that several financial institutions are actively involved in this quest.
Philanthropic Funding could be Key
Donations by private individuals and large corporations could provide local energy transition teams with the necessary funding they require. This funding mechanism will be crucial to bridging the gaps that limit the transition to cleaner energy.
Reduced Energy Costs
Experts consider the conversion of these industrial behemoths the key to providing more affordable energy solutions. Households and industries are expected to reap considerable rewards.
Projected Economic Expansion
The ripple effect of more affordable energy is expected to reflect on the economic fortunes of developing nations. Economists believe that households with increased disposable income are the key to unlocking economic prosperity.
Shutdown could be a Decade ahead of Schedule
The planned shutdown of the world’s most notorious power plants can be achieved a decade earlier than planned. Energy experts say that this feat is made increasingly possible by large-scale investment in alternative renewable energy sources.
Timing Is Key
Timing is essential to achieving a sustainable energy transition. Deliberate investments have been made over decades, with lots of stakeholders brought on board.
20-year Guarantee
Investors are assured of their efforts with renewable energy contracts guaranteed for 20-30 years. Experts agree that this single measure encourages long-term investment and greater funding.
Incentives for Foreign Investors
The planned transition to sustainable energy sources provides an added incentive to big players in the energy sector. Experts predict a substantial rise in direct foreign investment.
Reduced Unemployment Rates
The expected transition to renewable energy sources creates more career opportunities in the energy sector. Lower energy costs could also signal the establishment of more industries.
One Step at a time
The task ahead is no easy feat. Many agree that the transition to more efficient and affordable energy must progress gradually – one solar panel at a time.
Featured Image Credit: Shutterstock / ME Image.
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For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.
