GEM estimated coal retirement globally needs to be almost five times faster.
Coal retirement across the globe needs to speed up by four and a half times to attain 2040 climate goals, the Global Energy Monitor (GEM) reported.
In its ninth annual survey of the coal plant pipeline, GEM found that coal power capacity retirements reached 26 gigawatts (GW) in 2022, whilst another 25GW received an announced close-by date of 2030.
Planned coal-fired capacity in developing countries, excluding China, declined by 23GW, offset by China’s planned capacity which increased by 126GW.
“To stay on track, all existing coal plants must be retired by 2030 in the world’s richest countries, and by 2040 everywhere, and there is no room for any new coal plants to come online,” the report read.
“Whilst newly proposed coal power capacity has declined significantly, the world is not retiring existing coal plants fast enough.”
GEM added that phasing out operating coal power by 2040 would require an average of 117GW of retirements annually. This is four and a half times more than the capacity retired last year.
An average of 60GW must come offline in OECD countries each year to meet their 2030 coal phaseout deadline, and for non-OECD countries, 91 GW each year for their 2040 deadline. Accounting for coal plants under construction and in consideration (537 GW) would require even steeper cuts.
