Coal Industry Slowdown: More Projects Shelved Than Completed Since 2010
The global coal industry is experiencing a significant slowdown, marking the end of an era of rapid expansion. A new report reveals a shift away from coal power, with more projects being shelved than completed since 2010.
Between 2010 and 2014, the world added 356 gigawatts of coal capacity but shelved 493 gigawatts. This trend has continued, with the number of canceled coal projects outstripping completed ones at a rate of two to one since 2010. The slowdown follows a period of rapid growth, with capacity increasing at 20-25 gigawatts per year between 2005 and 2012.
The shift is particularly notable in Europe, where the failure rate of coal projects reached 7:1. The EU and US coal industries are already in decline, with a net loss of 3,112 megawatts between 2010 and 2014. In India, the ratio of halted to completed coal plants increased from 2:1 to over 6:1 during the same period. Even with the reduced pipeline, coal capacity in 2020 would exceed the International Energy Agency's two-degree scenario.
The era of global coal expansion is coming to an end, with more projects being shelved than completed. This shift, driven by environmental regulations and economic factors, is a significant step towards a lower-carbon future. However, even with the slowdown, coal capacity remains high, underscoring the need for continued efforts to transition to cleaner energy sources.
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