In BriefThe largest coal company in the world has announced that it will be shutting down 37 of its sites. The move is fueled by the increasing affordability of solar power.
On its Way Out
Things are not looking good for the coal industry. In the latest blow to this fossil fuel, the world biggest coal company is closing a total of 37 mines. It seems that the rise of solar power is playing a major role in the decline of coal. The company, Coal India, produces 82 percent of India’s coal, according to The Independent. The closings account for nine percent of Coal India’s sites.
The Indian government has recently shifted from coal to cleaner, renewable sources, most notably solar power. Just last week, the government announced that it has abandoned plans for building another coal power station with Chimanbhai Sapariya. T,he country’s energy minister noted that “Our focus is now on renewable energy. The government will encourage solar power.” The prices of solar power continue to plummet as technology and government incentives work to make renewable energy more attractive.
India is leading the way in a renewable energy revolution. Analyst Tim Buckley said, “Measures taken by the Indian government to improve energy efficiency coupled with ambitious renewable energy targets and the plummeting cost of solar has had an impact on existing as well as proposed coal-fired power plants, rendering an increasing number as financially unviable.”