The largest coal mining company in the world, Coal India, has announced plans to decommission 37 mines which are no longer economically viable in India. The government-run company, which accounts for over 80 percent of the India’s coal production, informed the Bombay Stock Exchange it intends to retire the 37 mines by March 2018. The mines make up approximately 9 percent of the total number of mines operated by Coal India. Increasing competition from renewable energy technologies is adding to the pressure on underground mines. According to the Energy and Resources Institute, if the cost of renewable energy and storage continues to fall at current rates, India could phase out coal-fired power completely by 2050. India cancelled plans to build almost 14 gigawatts of coal-fired power plants in May, as solar and wind tariffs in the country continue to drop. Earlier this year, solar energy tariffs in India fell 26 percent over a period of three months. The cost of wind power, which is relatively new to India, are also expected to plunge as the country auctions 5-6 GW)of wind energy capacity each year until 2022.
– via Climate Action