The report highlights that while plans for coal power plants are being scrapped rapidly across the world, there is still support in some less-developed countries. Earlier this week, climate think tank E3G said that the world’s pipeline of new coal stations had declined almost 70% since 2015. Phasing out coal is seen as a key priority for climate talks in Glasgow in six weeks time.
“Investment in new coal-fired power plants persists globally despite misalignment with a net-zero economy and the falling costs of renewable energy technologies,” the report’s authors said.
Financial institutions in China are responsible for 40% of coal funding in the HICs. Globally, privately-held institutions based in the US finance the bulk of investment in the industry, according to the report.
New coal plants are at risk of becoming stranded assets -- where they’re retired before paying for themselves -- given infrastructure constraints and lower-than-expected demand, according to the report.
African nations Madagascar, Mozambique, Malawi, Niger and Tanzania all host active coal plant development, the report said.
Photo: Lachlan / Unsplash
