Amidst the climatic changes and related issues during the past one year, there is certain subtler news to be happy with. The Washington Post has analyzed the 2010 investment trends in the energy sector and the same provides some hope for environment enthusiasts.
The most significant thing in this regard is there was no new construction a single coal plant in the United States. It has been observed that the coal sector is to face a gradual decline in The US energy sector. The major adjudged reason behind this downward spiral is lack of market interest.
As far as the nation is considered, coal is the major source of energy. Coal-fired plants generate nearly half the electricity used in the US.
Back in 2000-2008, 20 new coal plants began construction. 2009 saw scrapping of the plans to build 38 more coal plants by power companies. Some 48 old polluting factories were marked for retirement during this year
By the end of the decade, cropping up of new coal plants began to cease. Coal is nowadays considered to be “a dead man walking”. Neither the banks finance them nor do the insurance companies provide insurance.
Moreover, the various initiatives to make the source of energy greener went haywire. The various environmental organizations including the EPA are against the sector since it is the largest threat to the nature and eco system.
On the flipside, the fact is denied to certain extend. But still, the investors are turning away considering the global scenario. The rate of global warming is increasing day by day. Hence coal production cannot be encouraged.
Above all, cleaner forms of energy are becoming cheaper and more readily available, and that marks the end of coal industry, it seems.