Asia’s new coal plant jeopardizes the climatic targets

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According to the Carbon Tracker organization, five Asian nations are responsible for 80% of new coal power plants planned worldwide, with the majority proving uneconomical and putting international climate targets out of reach.
More than 600 new coal-fired power plants are planned in China, India, Indonesia, Japan, and Vietnam, with a total capacity of more than 300 gigawatts.
With governments under pressure to limit carbon emissions and keep global average temperature rise below 2 degrees Celsius this century, coal consumption has dropped in Europe, the United States, and other parts of the world.
Many investors no longer finance coal. However, several rising economies claim that they still require fuel.
In a research, Carbon Tracker, an independent financial think tank that studies the world’s transition to cleaner energy, found that 92% of planned coal projects in five Asian nations would be unprofitable, squandering up to US$150 billion (S$201 billion).
Five Asian countries currently operate almost three-quarters of the world’s coal-fired power facilities. China is home to more than half of the world’s flora. According to Carbon Tracker, 27% of current capacity is unprofitable, with another 30% just breaking even.
According to the research, renewable energy sources will be cheaper than coal in every major area by 2024. By 2026, nearly all global coal capacity would be more expensive to develop and operate than renewable energy output. According to the report, existing coal plants worth $220 billion might be left stranded if Paris climate objectives are met.

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