Coal Power Capacity Reaches New High Despite Global Efforts to Move Away from Fossil Fuels

In 2023, the global coal power capacity reached a new high, mainly due to China’s construction of new capacity. The retirement of coal power plants worldwide has slowed down, with the number of retirements falling to just over 20 GW in 2023 from exceeding 40 GW in 2020.

Flora Champenois, the Coal Program director at Global Energy Monitor, described the current rise in coal’s fortunes as an anomaly. She emphasized the need for countries to retire coal plants quickly and halt the construction of new coal plants to meet Paris Agreement goals and benefit from a swift transition to clean energy. However, transitioning away from coal is challenging as it provides reliable baseload power that renewables like wind and solar cannot ensure. This has led to a rush in constructing new coal capacity.

The cost of coal alternatives is another hurdle, with India announcing plans to triple coal production to meet the growing energy demand of the country. An official from India’s coal ministry highlighted the essential role of coal in the nation’s economic growth and development. Despite these challenges, there is a global push to transition towards cleaner energy sources.