On the other hand, phasing out fossil fuels might not be as costly as previously thought. Recent speculations concerning the Boston Consulting Group, a consulting firm, suggests that the future of oil consumption is getting harder to predict in the wake of the coronavirus pandemic. This outlook on the oil industry alludes to a lowered sense of faith in the industry, especially as most companies around the world are already working on reducing emissions. 
Thus, if the oil industry is on the road to failing, then it stands to reason that there will be an incentive to start preparing for phasing fossil fuels like oil out of energy generation as it would be too costly to continue supporting the venture.
In a similar vein, a study suggests that around 75% of coal production is more expensive than renewables. This expense stems from rising maintenance costs, including the addition of pollution controls which prevent pollutants from affecting the environment at large. 
Overall, the coal industry is being left behind by the wind and solar industries since their technologies have seen improvement, making them less costly than their coal counterparts.