Addressing the Climate Emergency: Closing 1,000 Gigawatts of Coal Plants by 2035 Briefings de l'Ifri, April 2, 2021
In order to have any chance of limiting global warming to well below +2°C, there is no choice but to tackle coal-fired power plants head-on, around the world.
• This means stopping any new construction starts now and launching a new global initiative to close 1,000 GW of the operating fleet by 2035.
• 500 GW would be closed by 2030 in the United States, China, Europe, Japan, South Korea and Australia.
• The G7 should accompany the accelerated closure of 500 GW of capacity in emerging economies and support investment in a low-carbon substitution system. The total cost may be estimated at approximately $1.7 trillion. The G7 would set up a $425 billion fund covering 25% of these costs in the form of grants, with the European Union taking a $140 billion share.
• Assuming a CO2 price of $150/tonne and a reduction of CO2 emissions totaling 25 Gt associated with the 500 GW coal emission neutralization, the gain for the planet would be a net $2 trillion. And this is not to mention the hundreds of billions of investment from the private sector, notably by European companies and local partners.