Europe’s energy firms have pledged not to invest in any more coal fired power stations from 2020, which would effectively leave gas as the only fossil fuel option for power generation across the continent.
The announcement was made at a conference in Brussels 5th April, organised by EURELECTRIC – which represents around 3,500 utilities with a combined value of more than €200 billion.
National energy companies from every EU nation – except Poland and Greece – have signed up to the initiative.
The group also reiterated its commitment to deliver on the Paris climate agreement. Kristian Ruby, EURELECTRIC Secretary-General said the sector is already leveraging investments to reduce greenhouse gas emissions to achieve carbon neutral electricity supply by 2050.
He added: “The challenge for policymakers in the next two years will be to target the political instruments, ensure that they are complementary and advance decarbonisation and electrification at the same time.”
The group said nothing about when it would cease power production from coal altogether, with a decision held back by substantial coal lobbies in Germany and elsewhere. The UK aims to close coal-fired power plants by 2025.