Over $200 billion will be given as compensation to workers and local communities affected by coal phase-out programs globally, new research has found. This estimate excludes India and China, as the two largest coal users currently do not have phase-out plans.
According to a recent paper in Nature Communications, if China and India decide to phase out coal as fast as needed to reach the Paris climate targets and pay similar compensation, it would cost upwards of $2 trillion.
The researchers, hailing from Chalmers University of Technology in Sweden and the Central European University in Austria, have studied all countries with coal phase-out plans around the world and found that those with the most coal power production and with plans for rapid phase-out have compensation policies in place.
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