Asian countries are responsible for 80 per cent of the world’s planned new coal-fired power plants, with India being the second-largest coal power producer with around 250 gigawatt (GW) of operating capacity and 60 GW in the pipeline.
This was revealed in the latest report ‘Do Not Revive Coal’ released by the financial think-tank Carbon Tracker on Tuesday. According to the report, China, India, Indonesia, Japan and Vietnam plan to build more than 600 new units with a combined capacity of over 300GW, ignoring calls from United Nations secretary general Antonio Guterres for all new coal plants to be cancelled.
Out of these planned units, 92 per cent of them will be uneconomic, even under normal business, and up to $150 billion could be wasted, the report stated.
The report stated that in India, new renewables can already generate energy at lower cost than 84 per cent of operating coal and will outcompete everywhere by 2024. “It has a target of 450 GW of renewables by 2030 – more than five times its 2020 capacity which would meet 60 per cent of energy demand,” the report stated.
The analysis further highlighted that at the corporate level, just ten companies account for around 40 per cent of the stranding risk, of which NTPC and the Adani Group in India, and PLN in Indonesia are by far the most “exposed”.