The omission of the United States is less significant because market conditions and existing policies have already led to a significant reduction in coal capacity, which is forecast to halve again over the next decade.īut China accounts for half of all the world’s coal plants and new plants will continue to come online in the 2020s. Thirdly, it does not include some of the largest coal-using countries in the world – China, India, Australia and the United States. For developing countries, it is the 2040s, meaning most plants in these countries could be online to 2050. Secondly, the date for those countries that have signed is fixed to a decade – as rather than 2030, it is the 2030s for developed nations, enabling them to use coal for power generation for the next two decades. The latest announcement from the COP26 climate summit that over 40 countries are committing to stopping investment in new coal, both domestically and internationally, and to begin phasing out coal is welcome news, but there are several key flaws with the pledge.įirstly, the new financing pledge only applies to plants not under construction, leaving the potential to bring a significant number still online (although market conditions continue to move against new coal as renewables continue to make strides in further reducing project costs).
Information & Communications Technologies.
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