New Study: The price tag of phasing-out coal, Coal phase-out is necessary to solve climate change, but can have negative impacts
Coal phase-out is necessary to solve climate change, but can have negative impacts on workers and local communities dependent on coal for their livelihoods. Researchers at Chalmers University of Technology in Sweden and Central European University in Austria have studied government plans for coal phase-out around the world and discovered that more than half of such plans include monetary compensation to affected parties.
The researchers have studied all countries with coal phase-out plans around the world and found that those with the most coal power production and with plans for rapid phase-out, have compensation policies in place. This is because achieving the goals of the Paris climate agreement will not be possible without participation of the world’s major coal consumers, China and India, which have more than half of the world’s coal plants, but no phase-out plans currently in place. The study finds that, for China and India to adopt compensation policies similar to those already in place, the estimated compensation amount for both countries would be USD 2.4 trillion for the 2°C target and USD 3.
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