<
https://reneweconomy.com.au/cost-of-just-transition-from-coal-cheaper-than-cost-of-carbon/>
"A group of European researchers has calculated the total compensation planned
for workers affected by the transition away from coal and found that it is
either consistent with or lower than existing carbon prices within areas like
the European Union.
However, the research only calculated those countries with existing coal
phase-out plans that have included plans for what is often called the “just
transition” which will see governments financially support those negatively
impacted by the phase-out.
For countries with existing coal phase-out plans, the added cost of “just
transition” compensation works out to $US200 billion, or around $A300 billion.
Specifically, the researchers found 23 countries, accounting for 16 per cent of
the world’s coal power plants, have pledged around $US209 billion in
compensation for those affected by the transition.
While that remains a lot of money, the researchers pointed out that it equates
to roughly 6 gigatons of avoided CO2 emissions and that the cost of
compensation for the coal phase-out in these countries per tonne of avoided CO2
emissions ($US29-46/tonne) is actually well below recent carbon prices in
Europe (around $US64-80/tonne).
“Previously, coal phase out has often been blocked by the interests opposing
it,” said Jessica Jewell, associate professor at Chalmers University of
Technology and one of the authors of the study. “Many countries have put money
on the table through ‘just transition’ strategies which has made coal phase-out
politically feasible.
“So far these ‘just transition’ policies are consistent with, or lower than,
the carbon prices within the EU, which means they make sense in terms of
climate change,”
“But more funding is likely needed if we want to reach the Paris climate
target.”"
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
