With the exception of China, the number of coal plants dropped in both developed and developing countries in 2022 as existing facilities were retired and planned projects cancelled.
But the pace of retirements needs to move four and half times faster – and new coal plants must stop being built – in order to put the world on track to phase out coal power by 2040, as required to meet the goals of the Paris climate agreement.
The report finds that coal power capacity retirements reached 26 gigawatts (GW) in 2022, and another 25GW received an announced close-by date of 2030.
The amount of planned coal-fired capacity in developing countries, excluding China, fell by 23GW. However, China’s planned capacity increased by 126GW, far offsetting changes in the rest of the world.
Last year, the Chinese Government began promoting coal power and increased production capacity in an effort to revive a sluggish economy amid rising gas prices spurred by the conflict in...