More than a fifth of gas-fired power plants in Europe are already in losses. In the United States, that’s roughly one in three, according to a Carbon Tracker report based on an account of more than 3,000 gas-fired power plants. The think tank expects more gas-fired power plants to become losers as fuel prices have risen sharply.
Carbon Tracker warns of capital destruction if investments in “new” gas continue. “Most of the new gas plants that are planned will not recover their initial investment,” says Carbon Tracker. This puts tens of billions of euros of investment at risk.
Many countries have pledged to reduce carbon dioxide emissions to zero by 2050. Both US President Joe Biden and British Prime Minister Boris Johnson have committed to zero emissions by 2035. To achieve this, most gas-fired power plants will be closed before the end of their life No new technology has been developed to reduce emissions from gas stations.
The United Nations Climate Panel IPCC said earlier this year that the Earth could warm by 1.5 degrees in the next two decades if drastic measures were not taken to curb greenhouse gas emissions. The report’s authors concluded that humanity is undoubtedly responsible for global warming.
Avid music fanatic. Communicator. Social media expert. Award-winning bacon scholar. Alcohol fan.