New Delhi, November 17th : .The announcements and promises made at the recently concluded Glasgow climate summit, (COP26), will have a direct impact on 80 percent of the planned coal-fired energy plants in the world.
This analysis was released Wednesday.With several net zero pledges announced, 95 per cent of the existing global coal power fleet is committed to carbon neutrality.
Most of the global coal fleet has committed to carbon neutrality with several net zero pledges.The Glasgow climate summit has had a significant impact on existing and new coal power across the world.
Global coal power has seen significant changes since the Glasgow climate summit.Coal is the single largest contributor to carbon emissions.
The single biggest contributor of carbon emissions is coal.
“Glasgow climate summit might have failed on several fronts, including on loss and damage fund as well as on adaptation.
The Glasgow climate summit may have fallen short on many fronts including loss and damage fund, adaptation, as well as other areas.However, COP26 has taken historic steps towards ending coal.COP26 took historic steps toward ending coal.This is not just optics, announcements and pledges made at Glasgow have real world consequences on the global coal industry,” said Lauri Myllyvirta, Lead analyst at Centre for Research on Energy and Clean Air (CREA).”This is more than just optics.The announcements and promises made in Glasgow will have real-world consequences on the global mining industry,” stated Lauri Myllyvirta (CREA Lead Analyst).
The summit ended with high drama over the wording of the final text being changed from ‘phase-out’ to ‘phase-down’ of unabated coal.High drama ensued at the summit over the change in the text of the last paragraph from “phase-out” to “phase-down” of unabated coke.
According to an analysis by CREA, a total of 88 gigawatts (GW) of planned coal-fired capacity, a total of 90 large-scale projects, is likely to be cancelled as a result of the pledges.CREA’s analysis shows that pledges could lead to the cancellation of approximately 88 gigawatts of coal-fired power capacity.This is equivalent to 90 large-scale projects.The cancelled capacity represents two-thirds of planned coal power plants outside of China.
Two-thirds (33%) of all planned coal power stations outside China have been cancelled.
Globally, the amount of planned coal power stands at around 300 GW.The global amount of planned coal-fired power is around 300 GW.Eighty per cent of this is impacted by ‘no new coal’ pledges, ‘finance pledges’ and ‘net zero’ pledges.This figure is affected by pledges of ‘no more coal’, ‘finance promises’ and net zero’.
The “no new coal” and finance pledges will likely result in cancellation of 88 GW of new coal.
The pledges of finance and “no more coal” will most likely lead to the cancellation of 88 gigawatts of new coal.Further, 165 GW of new coal could still go ahead but are called into question by carbon targets announced in the run-up to COP26 or at COP26.165 GW could also be allowed to continue, but they are being questioned by the carbon targets set in advance of COP26 and COP26.Only 56 GW of new coal projects remain unaffected.
New coal projects are still unaffected at 56 GW.
“China did not sign on to any pledges on domestic coal power but aims to peak coal use by around 2025, making new coal projects highly questionable.China did not agree to any promises on its domestic coal power, but it aims to reach peak coal consumption by 2025.This makes new coal projects extremely questionable.
“India, with the second biggest coal pipeline after China, committed to 2070 net zero targets and now the only country which could still add new coal power plants.India, which has the second largest coal pipeline in the world after China, is now committed to 2070 net zero goals and the country that could add more coal power plants.
However, India’s 500 GW renewable power capacity and 50 per cent clean electricity targets by 2030 mean that coal-fired power generation is likely to peak and decline well before 2030, leaving no space for new coal projects to be built and operated,” said Lauri.Lauri stated that India’s 500-GW renewable power capability and 50% clean electricity target by 2030 means that India’s coal-fired energy generation will likely peak before 2030 and then decline, making it impossible to build and operate new coal power plants.
The global coal power plant fleet stands at about 2,060 GW of installed capacity.Global coal power plant capacity is approximately 2,060GW.
Of this, an additional 290 GW now has a close-by date as a direct result of announcements and pledges made in the run-up to and at COP26.As a result of the announcements made at and during COP26, an additional 290GW has been added.
Altogether, 550 GW or 26 per cent of existing coal is already scheduled to retire.Together, approximately 550GW (or 26 percent) of the existing coal are already set to be retired.Of the total 550 GW, 280 GW have a 1.5 C compatible phase-out date.Out of the total 550GW, only 280 GW are compatible with a 1.5 C phase-out.
Another 1,420 GW of existing coal capacity is covered by carbon neutrality pledges but does not have a clear retirement date announced.Carbon neutrality promises cover another 1,420 GW in existing coal power, but there is no clear retirement date.
Eighty-nine GW or less than five per cent of existing coal is not covered by either type of commitments.One type of commitment does not cover 89 GW, or less than 5% of the existing coal.
“While the pipeline of new coal projects is now bound to collapse, marking the decline of the global coal industry, not all existing coal plant phase-out plans are in line with the 1.5 C pathway.While the coal pipeline is set to crumble, which will mark the end of the global coal industry’s growth, many existing plans for coal plant phase out are not in accordance with the 1.5 C pathway.However, as we see solar and wind costs fall further, we’ll see an accelerated phase-out of coal in several regions,” said Lauri.Lauri stated that as solar and wind cost fall more, there will be an acceleration in the phase-out coal in many regions.
OECD countries account for 500 GW of existing coal capacity and are required to phase out coal within this decade.500 GW of coal-fired power capacity is held by OECD nations.They are expected to eliminate coal in the next decade.Eighty two per cent of existing OECD coal is scheduled to retire but just about 36 per cent will retire on the 1.5 C timeline.Eighty-two per cent of OECD existing coal capacity is due to be retired, but only 36% will do so within the 1.5 C timeframe.
If the German coalition government agrees on an early coal phaseout and if the US announces a clear 2030 coal phaseout timeline, 72 per cent of existing OECD coal capacity will be on track to retire by 2030.72% of the OECD’s coal reserves will retire by 2030 if the German coalition government approves an early phaseout, and if the US sets a 2030 timeline for its coal phaseout.
There was some strong opposition to the inclusion of ‘accelerating phaseout of unabated coal power and inefficient fossil fuel subsidies’ — mainly from India and China, and supported by South Africa on coal and Iran and Nigeria on fossil fuel subsidies.
Some were opposed to the inclusion of an ‘accelerating phaseout unabated coalpower and inefficient fossil fuel subsidies’, mainly from India.South Africa supported them on coal while Iran and Nigeria supported fossil fuel subsidies.
Countries like Australia, US, Turkey, Colombia, Indonesia, and Japan had no objections towards inclusion of ‘phase-out’ — indicating a significant shift from their earlier stand.Some countries, including Australia, Japan, Turkey, Colombia and Indonesia did not object to the inclusion of “phase-out” — which is a marked shift in their previous position.
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