Nearly 14 gigawatts of planned coal power projects have been canceled by Indian leaders as solar energy prices plummet, the Times of India reports.
The country is backing away from coal despite proposals to build at least 370 new plants just last year after the International Energy Agency projected India to be the next coal hub.
"For the first time solar is cheaper than coal in India and the implications this has for transforming global energy markets is profound," said Tim Buckley, director of Energy Finance Studies at the Institute for Energy Economics and Financial Analysis.
“Measures taken by the Indian Government to improve energy efficiency coupled with ambitious renewable energy targets and the plummeting cost of solar has had an impact on existing as well as proposed coal fired power plants, rendering an increasing number as financially unviable.”
The Central Electric Authority of India said in December that building new coal plants wouldn’t be necessary for at least the next decades as it looked to expand electricity to rural communities and minimize its carbon footprint in order to meet its climate goals.
The CAI also put forth new renewable energy goals — a production of 275 gigawatts generated from wind, hydro and solar by 2027.
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