|Title||Coal is in decline globally, but Asia is driving new plant development|
|Date||2018-03-28 AM 10:18:42||Hit||50|
While the number of coal-fired power plants built worldwide has fallen over the past two years, Asia leads the world in building new coal power.
From 2016 to 2017, newly completed coal plants dropped by 41 per cent while construction of new plants dropped by 73 per cent worldwide, according to a report by Greenpeace, the Sierra Club and CoalSwarm, released on Thursday.
The study also revealed Asia to be the world’s biggest coal-producing region; 85 per cent of new coal power in development in the top 20 coal-producing countries is in Asia, according to the report.
Burning coal is the single biggest contributor to greenhouse gas emissions globally, and so is a major driver of climate change.
China continues to lead the world in the amount of coal power capacity under development, despite tightening restrictions on new coal plant projects by the Chinese authorities.
The new restrictions were followed a period of rapid expansion of the coal sector in China from 2016 to 2017 when it commissioned 692 GW of coal-fired capacity—more than twice the amount in the rest of the world combined.
The Asian superpower’s existing coal plants already far exceed domestic power needs, with additional coal plants representing potentially billions of dollars of wasted capital, the report found.
Meanwhile, India added 152 GW of coal power capacity from 2006 to 2017, second only to China, despite a broad retreat from coal financing by private capital in the country and a freeze on coal plant construction introduced in 2017.
Vietnam is also considered a major coal hotspot, with large numbers of proposed projects in active development, largely financed by China, Japan and Korea.
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