The world is on the verge of an energy revolution. At the center of this process is green energy, which is gradually replacing traditional coal. What does expert Roman Bilousov say about this? Here are his key thoughts.
“For centuries, writes Roman Bilousov, coal has been the foundation of the development of human civilization. In the 19th and 20th centuries, it was the main resource for electricity production, metallurgy, and transport systems.” In the 2010s, the share of coal accounted for more than 40% of global electricity generation, which confirms its strategic significance.
Coal is not only a source of energy, but also an environmental problem. “Coal itself has become one of the main factors of atmospheric pollution: its combustion leads to emissions of carbon dioxide, sulfur oxides, nitrogen, and particulate matter, which negatively affect the environment.” According to the International Energy Agency, “coal accounts for about 40% of all global carbon dioxide emissions.”
In recent years, the cost of solar panels and wind turbines has fallen significantly. “Roman Bilousov notes that the development of renewable energy sources occurs at the expense of price reductions and state support,” and this, in his opinion, “has a negative impact on the financial stability of coal companies.” Banks refuse to finance new projects, countries introduce taxes and quotas, making coal less profitable.
“Green energy is changing the global balance of power,” – the expert emphasizes. Previously, countries with large coal reserves, such as China, the United States and India, had strategic advantages. But with the development of renewable technologies, “dependence on coal imports is decreasing.” Interestingly, China, the largest producer and consumer of coal, has simultaneously become a world leader in solar and wind energy, which shows the two-way effect of modernization.
“Complete abandonment of coal in the coming decades is unlikely,” Bilousov notes, “because countries such as India, Vietnam, and some African states consider coal to be a cheap and necessary resource.” He adds that “the long-term trend suggests a decrease in the share of coal in the global energy sector, but it is unlikely to completely give way to solar, wind, and nuclear energy.”