Do not revive coal: planned Asia coal plants a danger to Paris
Carbon Tracker is launching Do Not Revive Coal: Planned Asia coal plants a danger to Paris, the third annual report in Carbon Tracker's Powering Down Coal series. The report highlights that in five Asian countries (China, India, Vietnam, Indonesia and Japan), which are responsible for 80% of the world’s planned new coal plants and 75% of existing coal capacity, 92% of planned coal units will be uneconomic, even under business as usual, and up to $150 billion could be wasted. Do Not Revive Coal also warns that around 27% of existing capacity is already unprofitable and another 30% is close to breakeven, generating a nominal profit of no more than $5 per MWh. Worldwide, $220 billion of operating coal plants are deemed at risk of becoming stranded if the world meets the Paris climate targets. The report finds that around 80% of the operating global coal fleet could be replaced with new renewables with an immediate cost saving. By 2024, new renewables will be cheaper than coal in every major region, and by 2026 almost 100% of global coal capacity will be more expensive to run than building and operating new renewables.