Finland released information regarding its plans to ban coal which is used as an energy resource. The Finnish Ministry of Economic Affairs stated that Finland plans to ban coal on Thursday along with its climate and energy strategy. Currently, coal is the source of energy for eight percent of the fuel in Finland. By phasing out its use completely, the initiative would enable in attaining a cleaner atmosphere in the country.
The primary focus of Finland is to produce energy which is carbon neutral with the help of renewable resources. It also plans to depend entirely on renewable resources for its fuel production by the year 2050. In order to achieve this milestone, they have first started working on cutting down the use of coal for fuel. Some insiders say that the country was planning on taking this step for the last few years, but it was officially announced recently.
Why Finland plans to ban coal
If rumors are to be believed, studies on ways to substitute coal as an energy resource have been going on in the country for a while now. The use of fossil fuels in the country has been decreasing consistently since the year 2011. Finland started taking substantial steps to shift to non-fossil fuels from 2012. This was done by hiking up the investments in the sector of renewable resources of energy. As a result, the capacity of wind power has nearly doubled the following year. The most recent development in this project took place in February this year. The Finnish government has raised another $85 million for the renewable energy sector. This shows that Finland is trying hard to get rid of the use of fossil fuels.
Apart from this, the prices of almost all energy resources except coal have dropped significantly since 2010. This signifies that Finland is trying to cut down on the use of energy gradually instead of an immediate ban, as part of a planned move. Also, the coal factories are shutting down to reduce the availability of coal in the market.
Benefits of Finland’s coal ban
Statistics state that on phasing out the use of coal by 2030, the country aims to increase the share of renewable resources as a form of energy by 50%. The strategy of banning coal says that there should be no further investment in the coal industry, and there must be no approval of new projects. Not only this, but there must not be an update of the old coal plants. These steps are necessary so that the companies producing coal do not increase the supply of coal in the market. The official document of this ban will be sent to the Parliament of Finland on 30th November.
In order to promote the use of renewable resources, the government announced that it will create new support programs for the convenience of the entrepreneurs interested in this sector. Even the region of Ontario in Canada is planning to completely ban the use of coal by the year 2035. Despite this, Finland plans to ban coal before any other country of the world.