'The transition away from existing and new coal isn't happening fast enough,' said Flora Champenois of GlobalEnergyMon. 'The more new coal projects come online, the steeper the cuts and commitments need to be in the future.'
' renewing calls for an immediate end to new coal, and for a phaseout of existing coal by 2030 in developed countries and 2040 in the rest of the world," GEM's new report points out."Under such a scenario, only 70% of OECD operating coal capacity is currently on pace , and outside the OECD, only 6% of coal capacity has a known closure date before 2040 ."
GEM's ninth annual survey of the world's existing and proposed supply of coal-fired power—the largest single source of energy-related CO2 emissions—found that"outside China, the global coal pipeline is drying up," albeit not at a quick enough pace.Seventeen countries retired a combined 26 GW of operating coal capacity in 2022. Meanwhile, 25 GW of operating coal capacity received an announced close-by date of 2030.
This"would require an average of 117 GW of retirements per year, or four-and-a-half times the capacity retired in 2022," according to the report."An average of 60 GW must come offline in OECD countries each year to meet their 2030 coal phaseout deadline, and for non-OECD countries, 91 GW each year for their 2040 deadline. Accounting for coal plants under construction and in consideration would require even steeper cuts.
Last year, the world added 45.5 GW of new coal capacity, meaning that the operating coal fleet grew by 19.5 GW overall.
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