Considering most U.S’s coal plants are over 40-50 years, we might be seeing several of them closing down by the end of the decade, Energy Secretary Steven Chu said.

At the State of The Union speech last month President Barack Obama said that he wanted to cut subsidies to fossil-fuel plants worth $4 billion a year, to boost spending on renewable energy. Obama challenged the nation to set a new goal requiring that 80 percent of its electricity comes from “clean” sources by 2035.

“Now, clean energy breakthroughs will only translate into clean energy jobs if businesses know there will be a market for what they’re selling,” Obama said prior to announcing his energy goal. “Some folks want wind and solar. Others want nuclear, clean coal, and natural gas. To meet this goal, we will need them all—and I urge Democrats and Republicans to work together to make it happen.”

A coal powered plant that captures and stores carbon-dioxide emissions would be considered clean under Obama’s proposed standard, though most large plants in this country don’t have “Clean-coal” equipment yet.

Currently coal powers almost half the nation’s electricity.

Chu also added that mercury pollution and chemicals that cause acid rain and smog would trigger the coal-plant closures, not new rules from the Environmental Protection Agency on carbon dioxide and other greenhouse gases linked to climate change, Bloomberg reported.

Which is important to note, because Republicans have been fighting tooth and nail to cut EPA’s funding because they don’t think government should be involved in regulating greenhouse gas emissions.

Currently, the U.S. has 314 gigawatts of coal-fired generating capacity.

From Bloomberg:

The EIA predicts plants with 7.7 gigawatts of capacity will close by 2018. Cambridge, Massachusetts-based The Brattle Group, a consulting firm, said in December that 50 to 65 gigawatts of capacity may be closed by 2020 because of environmental regulations. Analysts at Zurich-based bank Credit Suisse Group AG said in September that about 60 gigawatts of coal capacity may be retired.

Natural gas-fired plants and renewable sources such as wind turbines and solar panels would expand to make up lost output from coal, while boosting employment in those industries and taking away from our reliance on harmful fossil fuels.

Countries like Denmark, Germany and even China have already invested vast amounts of money into renewable energy, and if the U.S. wants to stay competitive in the new global market — it is going to be important for the country to shift its focus.