Something similar may happen with renewable energy. In the US, we know that the coal-fired plant is dirty and will grow more expensive over time as fuel costs rise. But we don't replace it because the operating costs are less than the capital cost of a new solar or wind generation facility.
The same calculation doesn't apply if you're in a country like the Philippines that doesn't have enough power plants. They have to build new plants no matter what, so they might as well choose the type of plant that will move their nation towards energy independence. That is the objective of the new Philippine National Renewable Energy Program, which targets $27.6 billion in renewable energy investments between now and 2030. For more information, click here.