- Over 76% of coal projects cancelled since 2015.
- Five countries account for 82% of the current coal pipeline.
- China is the only major source of public finance for coal projects.
According to a report from the European think tank E3G, the global pipeline of proposed coal plants has reduced by 76 per cent since the signing of the Paris Agreement in 2015. Moreover, Forty-four countries (27 in the OECD & EU, 17 elsewhere) have committed no new coal power plants. The report also notes that 40 other countries (8 in the OECD & EU, 32 elsewhere)do not have any coal projects in the pre-construction pipeline and are unlikely to commit to new coal projects.
Around the globe, about 1,175 GW of planned coal-fired power projects has been cancelled since 2015. These cancellations have been attributed to the changing market trends, government policies, and the opposition to coal from citizens. Currently, only China, India, Vietnam, Indonesia, Turkey, and Bangladesh account for over 82 per cent of the remaining coal plant pipeline globally. However, China is still the only major provider of public finance for overseas coal projects. If China were to exit overseas coal financing, over 40GW of projects in 20 countries would likely be cancelled.