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Energy Watch Group Newsletter – November 2017

Global Shift Away from Fossil Fuels IEA Gets Its Projections Wrong, Again! All Coal-Power Plants in Europe Loss-Making by 2030

You are reading our last newsletter before Christmas and our transition into the new year. 2017 has seen progress in new commitments across the world to act on climate change. We welcome the announcement by the World Bank to cease funding upstream oil and gas projects after 2019 and a range of commitments by other banks and companies, joining the Global Big Shift campaign. We call on the International Energy Agency to read our series of studies showcasing their consistent misleading projections on renewable energy and fossil fuels, which was again the case in the World Energy Outlook 2017. Meanwhile, a study by Carbon Tracker proved that by 2030 nearly all coal power plants will be loss-making and another study showed that major banks and financial investors keep financing coal development despite the Paris Agreement targets. Last but not least, in case you missed it, make sure to read and to spread a word about our new study together with Lappeenranta University of Technology, which shows that a transition to 100% renewable electricity worldwide is feasible by 2050 or earlier and will be more cost-effective than the current energy system. Find out more in out November Newsletter