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NEW REPORT: Nearly $1 Trillion Wasted Globally On Extraneous Coal Projects

Boom and Bust 2016 is the second annual report published by Greenpeace, The Sierra Club and CoalSwarm examining the precarious global coal plant pipeline. The report reveals that while the coal industry continues to push for the construction of more coal-fired power plants, in reality, coal plants are increasingly sitting idle in all of the world’s four largest markets, and global coal consumption is declining drastically. This is particularly evident in China where the government recently took the first step to curb runaway coal plant investment, after the country’s coal use plunged by nearly 6.4 percent in two years.

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China cracks down on new coal-fired power plants

China is cracking down on its severe and growing coal power overcapacity crisis. The National Energy Administration (NEA) has ordered 13 provincial governments to stop issuing approvals for new coal-fired power plants until the end of 2017. It has also told 15 provinces to stop building new coal power plants that have already been approved. A Greenpeace analysis says this could affect up to 250 coal-fired power plant units with a collective capacity of 170GW. Despite the new rules, more than 570 coal-fired units with 300GW of capacity could yet come online.

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