KUALA LUMPUR, Malaysia – According to a report released on Wednesday, five Asian countries are responsible for 80% of new coal power plants planned worldwide, with the projects jeopardizing efforts to combat climate change (Jun 30). According to Carbon Tracker, China, India, Indonesia, Japan, and Vietnam are planning to build about 600 coal plants.
The stations will have a total capacity of 300 gigawatts, which is almost similar to Japan’s entire electricity generation capacity.
The projects are being pursued despite the availability of cheaper renewables, and they might jeopardize attempts to fulfill the Paris climate agreement’s target of keeping global warming to 1.5 degrees Celsius, according to the study.
“These final bastions of coal generation are swimming against the tide,” said Catharina Hillenbrand Von Der Neyen, Carbon Tracker’s head of research. “Renewables provide a cheaper answer that supports global climate targets.”
“New coal projects should be avoided by investors.”
READ: As climate concerns rise, funding for new coal projects in Southeast Asia is rapidly drying up.
Experts believe that phasing out coal, which emits the greenhouse gas carbon dioxide, is critical to combating a climate crisis whose consequences – ranging from species extinction to unlivable heat – are anticipated to worsen dramatically.
However, many Asian countries, which have long relied on fossil fuels to fuel their rising economies, have been hesitant to act, even as Europe and the United States accelerate their transitions to cleaner energy.
According to BP’s statistical overview of world energy, Asia Pacific nations and territories utilized more than three-quarters of all coal used globally in 2019.
READ MORE: Indonesia’s clean energy goals face new challenges
“COAL DOESN’T MAKE SENSE ANYMORE”
According to Carbon Tracker, China, the world’s largest coal consumer and emitter, is at the top of the list of countries planning new coal plants.
Despite President Xi Jinping’s commitment to become carbon neutral by 2060, China has 368 power stations in the pipeline with a total capacity of 187 gigawatts, according to the think-tank.
On November 27, 2019, a guy walks by a coal-fired power plant in Harbin, Heilongjiang Province, China. Jason Lee/Jason Lee/Jason Lee/Jason Lee/Jason Lee/
According to the London-based think-tank, which focuses on the influence of the energy transition on financial markets, India, the world’s second-largest coal consumer, is planning 92 plants with a total capacity of around 60 gigawatts.
According to the report, Indonesia is planning 107 additional plants, Vietnam 41, and Japan 14.
Japan has been a frequent target of climate campaigners due to its continued usage of coal. AFP Photographer CHARLY TRIBALLEAU
Despite climate worries, governments continue to pursue coal projects for a variety of reasons, including lobbying, industry support, and concerns about electricity supply security, according to the think-tank.
However, building new plants is no longer economically viable, as the cost of renewables such as solar and wind continues to decline, making them cheaper than coal in most regions of the world.
Hillenbrand Von Der Neyen urged governments to “set the foundations for a sustainable energy system” with post-coronavirus stimulus investment.
“Coal is no longer economically or environmentally viable,” she stated.
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