By: Ronnel W. Domingo - 05:12 AM May
17, 2019
Worldwide investments in coal-based
power generation fell to their lowest level in 14 years, but the number of such
generators continued to increase in Southeast Asia, according to the
International Energy Agency (IEA.)
The IEA said in a statement this
happened amid a drive to meet soaring demand for electricity using renewable
energy platforms as well as nuclear power.
Citing findings of its World Energy
Investment 2019 report, the Paris-based agency said global outlay in the power
sector decreased by 1 percent in 2018.
For coal-fired power alone,
investments went down by “nearly 3 percent” to less than $60 billion, the
lowest level since 2004. This was attributed mainly due to lower spending in
China and India.
Final investment decisions for new
coal-fired plants declined to their lowest level this century—going down 30
percent in 2018 to 22 gigawatts.
“Nevertheless, the global coal power
fleet continued to grow, due to net additions in developing Asian countries,”
the IEA said.
“(Investment in coal plants) was
still higher than the levels projected in IEA scenarios, with the largest
differences found in Asia, particularly in China, India, and Southeast Asia,”
the group added.
In the Philippines, data from the
Department of Energy show that coal continued to be a dominant resource for
electricity, representing 35 percent of the country’s power generation mix at
about 8,000 megawatts.
There are several coal-fired plants
in the pipeline but many have not progressed due to cases filed in court and
long-pending regulatory applications.
“Without carbon capture technology
or incentives for earlier retirements, coal power and the high (carbon dioxide)
emissions it produces would remain part of the global energy system for many years
to come,” the IEA said.
“At the same time, to meet
sustainability goals, investment in energy efficiency would need to accelerate
while spending on renewable power doubles by 2030,” the IEA added.
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