Updating our expectations on decarbonization
Recent data on decarbonization processes and plans in various countries offers an opportunity to update our expectations. Let’s examine some interesting cases:
Portugal, like many countries, isn’t an oil producer but has favorable conditions for renewable electricity generation, and would benefit from investment in this area. In 2023, solar and wind energy accounted for 40% of its total generation, resulting in significant emission reductions and improved trade balance. Even more impressive, neighboring Spain saw renewables exceed 50% of total generation for the first time in the same year. Other countries around the world are making equally interesting progress.
Canada’s Alberta province, the country’s fourth-largest, demonstrates rapid progress is possible: it has now disconnected its last coal-fired power station from the national grid. In 2000, coal provided 80% of its electricity; by 2010, this had dropped to 60%. Now, for the first time in 150 years, Alberta’s electricity is coal-free. This shift not only reduces harmful emissions but also brings economic benefits, as rising coal prices act as a deterrent to its use.
The decline of coal is a global trend. Even during Donald Trump’s presidency, despite his pro-coal stance — he sought the support of the industry, and miners with his Trump digs coal slogan —…
