And because of this, 90% of the global electricity generation capacity added in 2020 was renewable. There wasn't a single coal burning power plant built in the US last year, despite political support for coal - it's just too uneconomic. This isn't coercion, taxes or anything - it's simple economics and it's happening everywhere - developed and developing countries.

Using old/outdated technology doesn't fuel growth in developing countries. Just because the industrial revolution in the west was powered by coal and steam engines, doesn't mean it makes any sense for a modern developing country to start building steam engines to power a manufacturing base.

[1] https://www.lazard.com/perspective/levelized-cost-of-energy-...

The main issue is that renewables have huge upfront capital costs combined with 0 storage &transportation capabilities (cannot put your wind energy in a tank). Of course these are not issues for the West, but I don't know how you can go to an isolated Indian village and tell them that they need to spit 20k per household to install solar panels.

Combustible fuels are pay as you go. Want heat tonight? Use some wood just for tonight. Want to move your motorcycle? You need only a jug of gasoline.

I don't understand why you'd compare the capital cost of utility scale electricity generation against that for a wood burning domestic stove or a small motorcycle. Isolated Indian villages are not expected to fund utility scale electricity generation? I mean you could try to argue that candles are better than solar-powered flash-lights, I guess? But I don't see the relevance.

The fact is that for utility scale electricity generation, the combination of solar PV or onshore wind with idling peaker natural gas capacity blows all the competition out of the water in terms of cost. The only thermal generation currently viable in the modern world is combined-cycle gas and even then it's unlikely to maintain touching distance in a world where wind turbines continue to fall in price by 10% a year while PV panels are falling at an even faster rate.

You just have to look at what's actually happening globally - both developed and developing world. Like I said 90% of worldwide newly installed grid scale generation capacity added in 2020 was renewable. The simplest explanation for this is the one which agrees with all the analysis from various sources - it's happening because it's far cheaper.

Their first assumption is low interest rates for business loans and availability of investment capital. Again, we take these two for granted in the West, but they are not.

Second big assumption is the existence of distribution grid and storage. The fact is that we have almost 1 Billion people off grid and by making fossil fuels more expensive to them pretty much we decide that they need to stay impoverished for many generations to come.

Regarding your comment on renewable energy added in 2020, you failed to mention that the bulk of it comes from China, where the Party has made the strategic decision to do so regardless of cost.

I don't get the capital cost argument, both onshore wind and solar PV have between a third and a quarter the capital cost per KW capacity compared to a modern coal plant for example. As I said combined cycle gas is currently competitive but the price trajectories mean that solar and wind will not only be cheaper over their lifetimes but the capital cost will be less.

Nor do I get the grid argument which is an argument against all utility scale generation, not just solar or wind. Storage or more commonly idling gas backup is required to support fossil fuel generation also.

Repeating the claim that deriving more energy from solar and wind or hydro will impoverish people doesn't make it true. To support the claim you need to show that it's a more expensive way of providing electrical energy to people compared to alternative fossil fuel based generation. I've read no analysis which would support such a claim.

- I invite you as an investor to go to a developing country's bank and ask for a 10-million-dollar loan with <=10% interest rate to build anything. I don't know where they get these numbers (they conviniently say "Lazard estimates"). They are plain wrong.

"I don't get the capital cost argument, both onshore wind and solar PV have between a third and a quarter the capital cost per KW capacity compared to a modern coal plant for example. As I said combined cycle gas is currently competitive but the price trajectories mean that solar and wind will not only be cheaper over their lifetimes but the capital cost will be less. Nor do I get the grid argument which is an argument against all utility scale generation, not just solar or wind. Storage or more commonly idling gas backup is required to support fossil fuel generation also. "

- Had they had the access to cheap capital (or any capital) to build a grid they would have done so.

What you propose is for them to starve for some generations until they can build a grid. And even when they do, you will want to sell them more expensive equipment (electric cars, batteries for their grid etc).

Fossils can work without a grid, and they can already improve dramatically life and productivity to enable later public investments to infrastructure.

It is renewables that require huge initial capital investment to work without a grid. Fossils are pay as you go. You only need for example fuel oil in winter to warm your house with a couple of heaters. That is a cost of < $500 USD / year. To run two electric heaters (~10kw), you will need a big enough solar panel and battery to keep it running at night. So now you are in the tune of $20,000 USD.

* " Repeating the claim that deriving more energy from solar and wind or hydro will impoverish people doesn't make it true. To support the claim you need to show that it's a more expensive way of providing electrical energy to people compared to alternative fossil fuel based generation. I've read no analysis which would support such a claim." *

- Covered already.

Obviously though, you can't have both. The difference here is that rich countries are rich, and can afford to take on the extra financial burden via the very same finances that they obtained via cheap energy.