Five countries ‘plan 80% of world’s new coal power’

More than 600 new coal-fired plants are currently underway, a new report suggests

Big Zero Report 2022

Although every day we hear about new countries pledging new carbon goals to reach net zero, five countries, all located in Asia, are responsible for a staggering 80% of the world’s planned coal power.

That’s according to a new report by the financial think tank Carbon Tracker, which suggests China, India, Indonesia, Japan and Vietnam plan to build more than 600 new units with a combined capacity of more than 300GW.

The authors of the report predict that almost 92% of these planned projects will be ‘uneconomic’ with up to $150 billion (£108bn) being wasted.

The analysis also stresses that the same five Asian countries operate almost three-quarters of the current global coal fleet. Of this capacity, almost 55% is located in China while 12% in India.

The report also warns that nearly 27% of the existing coal capacity does not bring profit.

Catharina Hillenbrand Von Der Neyen, Carbon Tracker’s Head of Power & Utilities, said: “These last bastions of coal power are swimming against the tide when renewables offer a cheaper solution that supports global climate targets.

“Investors should steer clear of new coal projects, many of which are likely to generate negative returns from the outset.”

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