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World passes 30% renewables milestone for the first time, decline of fossil inevitable (www.euronews.com)

submitted 3 months ago by [email protected] to c/[email protected]

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cross-posted from: https://kbin.run/m/[email protected]/t/553659

A decline in fossil fuel power is now ‘inevitable’, the report's authors say.

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[–] [email protected] 3 points 3 months ago (1 children)

Interesting. Now that you mention it, i remember listening to a podcast that mentioned financing being a big obstacle for wind turbines, particularly the offshore projects, due to exactly that upfront cost. And i can imagine that for developing countries that is even worse.

Still i'd have thought that solar wouldn't quite have this same kind of problem, but i guess as the article suggests fossil fuels were cheaper, there's a political angle, and things are slowly improving.

[–] [email protected] 3 points 3 months ago* (last edited 3 months ago)

Yes and no. Yes there were big issues blamed on financing but I understood it as contracts that were profitable at low interest rates suddenly weren’t when interest rates rose quickly.

If the customer won’t re-negotiate when conditions change, since that’s the point of a contract, at some point it’s cheaper to just break the contract and take whatever the hit is.