Renewable energy emerges as preferred power source over coal

Moody’s has released a report suggesting that the Covid-19 pandemic will facilitate the clean energy transition amidst falling demand. The report states that renewables have shown resilience across the US, Europe, China and India, whereas coal generation has continued to decline. The lockdown has led to a 20 per cent decrease in India’s power demand, with coal generation suffering the most. The impact of recession and weaker growth expectations is expected across all consumer segments, commercial, industrial and residential, leading to a decrease in oil and coal production. Meanwhile, renewable energy is continuously replacing thermal power. It makes up the bulk of recent capacity additions both in India and the world over.