India has decided to quit building coal power plants after 2022, basically letting those under construction finish; and has decided to double its renewable energy. Until recently, it was unknown which way India would go. India is experiencing rapid growth that could be powered more quickly and cheaply by coal; but the long term implications for the country and the planet convinced India to emphasize renewables. This makes India one of the countries to be ahead of the Paris Agreement. Considering the similar shift in other countries, coal power may continue its “financial death spiral” as demand shrinks while supply remains high. As coal becomes less desirable for consumers, and less profitable for suppliers, then businesses are more likely to shift from supplying coal and other fossil fuels to renewable industries.
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