全球能源监测机构2026全球煤电繁荣与衰退追踪报告

GlobalEnergyMonitor

BoomandBustCoal2026

Trackingtheglobalcoalplantpipeline

AboutGlobalEnergyMonitor

GlobalEnergyMonitor(GEM)developsandsharesinformationinsupportoftheworldwidemovementforcleanenergy.Bystudyingtheevolvinginternationalenergylandscapeandcreatingdatabases,reports,andinteractivetoolsthatenhanceunderstanding,GEMseekstobuildanopenguidetotheworld’senergysystem.

GEMdataserveasavitalinternationalreferencepointbeingusedbyagenciesincludingIntergovernmentalPanelonClimateChange(IPCC),InternationalEnergyAgency(IEA),UnitedNationsEnvironmentProgramme(UNEP),U.S.TreasuryDepartment,andtheWorldBank.Furthermore,industrydataproviderssuchasBloombergTerminalsandtheEconomist,andacademicinstitutionslikeUniversityofOxfordandHarvardUniversitydrawonthesedata.

Followusat

,

Twitter/X@GlobalEnergyMon,andBluesky@globalenergymon.bsky.social.

Partnerorganizations

TheAfricaJustTransitionNetwork(AJTN),formerlyknownasAfricaCoalNetwork(ACN),workswithover88organisationsin28Africancountriesandisrecognisedintheregionandbeyond.TheNetworkstrivestogrowthedemandforacoalphaseout—andotherformsofdirtyenergy–andtoensureAfrica’sshifttorenewableenergyisfair,democratic,androotedincommunityneeds—forajusttransitionacrossAfrica.Formoreinformation,visit/.

Overmorethan30years,theARAYARAInternationalInstitute(anonprofitBrazilianCSO)hasdevelopedanewgenerationofactivismforthefairenergytransition.Withastrongfocusondefenseofhumanrights,promotionofracialequality,health,educationandinnovationofsocialtechnologies,ARAYARA’sworkencompassesenergy,climateandanti-fossilinitiatives,enablingpublicpolicies,legislation,litigation,knowledgeproduction,communication,campaignsandadvocacythatpavethewayforafairenergytransitionandthereductionofGHGemissions.ARAYARAoperatesinallBrazilianstatesandinsomeLatinAmericancountries.Formoreinformation,visit

.

BangladeshWorkingGrouponEcologyandDevelopment(BWGED)isadynamiccoalitionofactivistsandorganizationsdedicatedtosafeguardingcommunitiesfromtheadverseimpactsoflarge-scaledevelopmentprojects.Asthesecretariat,weadvocateforenvironmentaljustice,socialequity,andresponsibleinfrastructuredevelopment.Formoreinformation,visithttps://

/bwged.

CEEBankwatchNetworkisthelargestnetworkofgrassrootsenvironmentalgroupsincentralandeasternEuropeandaleadingforceinpreventingdubiouspublicinvestmentsthatharmtheplanetandpeople’swell-being.Thebanksandfundswewatchareoftenobscurebutalwaysimportantentitiesthatfunctionoutsidetherealmofpublicscrutiny.TogetherwithlocalcommunitiesandotherNGOsweworktoexposetheirinfluenceandprovideacounterbalancetotheiruncheckedpower.Formoreinformation,visit

andfollowonBlueSky@ceebankwatch.bsky.social.

BeyondFossilFuelsisacivilsocietynetworkcommittedtoensuringajustandrapidtransitiontoafossil-free,renewables-basedfuture.BuildingupontheEuropeBeyondCoalcampaign,itsgoalisforEuropetobecoal-freeby2030andphaseoutfossilgasfromthepowersectorby2035.Acleanandflexibleenergysystemwilldeliverlastingbenefitsforpeople,theclimateandthebroadereconomy.BeyondFossilFuelsisanon-profitorganisationwithanofficeinBerlin,withstaffspreadacrossEurope.Formoreinformation,visit.

CentreforResearchonEnergyandCleanAir(CREA)isanindependentresearchorganizationfocusedonrevealingthetrends,causes,andhealthimpacts,aswellasthesolutionstoairpollution.Weusescientificdata,researchandevidencetosupporttheeffortsofgovernments,companiesandcampaigningorganizationsworldwideintheireffortstomovetowardscleanenergyandcleanair.Formoreinformation,visit

.

ChileSustentableisaninitiativeofenvironmentalorganizationsandacademicsdedicatedtotheanalysis,design,andimpactofnewpublicpoliciesonwater,energy,andbiodiversityinsupportofChile’stransitiontoagreen,democratic,andsociallyequitablesocietycapableofrestoringecosystemsandfacingtheclimatecrisis.IthassubstantiallycontributedtotheenergytransitioninChile.Formoreinformation,visit

.

ClimateActionNetwork(CAN)EuropeisEurope’sleadingNGOcoalitionfightingtheclimatecrisis.Withover200memberorganisationsactivein40Europeancountries,representingover1,700NGOsandmorethan40millioncitizens,CANEuropepromotessustainableclimate,energyanddevelopmentpoliciesthroughoutEurope.Formoreinformation,visit.

CoastalLivelihoodandEnvironmentalActionNetwork(CLEAN)promoteslocalecologybasedadaptationtoensuresustainablelivelihoodsofnaturalresourcedependentcoastalcommunitiesthroughenvironmentalprotection.Formoreinformation,visit/clean.khulna.

DhoritriRokhhayAmra(DHORA)recognisestheurgencyofaddressingBangladesh’schallengesandiscommittedtochampioningenvironmentalprotectionandresilience-buildingeffortsacrossthecountry.Formoreinformation,visit.

E3Gisanindependentclimatechangethinktankwithaglobaloutlook.Weworkonthefrontieroftheclimatelandscape,tacklingthebarriersandadvancingthesolutionstoasafeclimate.Ourgoalistotranslateclimatepolitics,economicsandpoliciesintoaction.Formoreinformation,visit

.

TheInstituteofLawyersfortheProtectionoftheEnvironment(INSAPROMA)hasbeendefendingvulnerablecommunitiesagainstpollutionandecosystemdegradationfornearly24yearsthroughenvironmentalandclimatelitigation,awarenesscampaigns,andeducation.Thekeytodrasticallyreducingenvironmentalandclimateimpactsistocomplywithexistinglegislationandapplyitequallytotheentirepopulation,whetherauthoritiesornot.Formoreinformation,visithttps://

www.

/complementos/en/home.html.

KikoNetworkisaJapaneseenvironmentalNGOthattacklesclimatechangebyworkingwithlocalcommunities,conductingresearch,andmakingproposalsatthenationalandinternationallevel.Inworkingtowardsanexitfromcoal-firedpowerinJapan,KikoNetworkisalsotrackingthestatusofJapan’scoal-firedpowerplants.Formoreinformation,visit/en/.

POLENTransicionesJustasisanonprofitclimate-progressivethinktankinColombia,focusedoncreatingapostfossilandjustfuture.Throughresearchandsocialdialogue,POLENTransicionesJustasdevelopssociallyacceptedandpolicyviablestrategiesfordecarbonization,democratization,andlaborandeconomicreorientation.Formoreinformation,visit

.

PolicyResearchInstituteforEquitableDevelopment(PRIED)isanindependentpublicinterestthink-tankthatdevelopsevidence-basedresearchtocontributetowardssustainableandequitabledevelopmentandtomakealowcarbonfuturepossible.TheirmissionistoacceleratePakistan’stransitionfromfossilfuelsandlargehydroelectricprojectstorenewablesourcesofenergyandtoensureeconomic,social,andclimaticjusticeduringthistransitionsothateveryPakistanienjoysequalaccesstorenewable,reliableandaffordablesourcesofenergy.Formoreinformation,visithttps://

/.

RazomWeStandisaUkraine-basedcampaigngroupworkingtoendtheexportsandtradeofRussianoil,gasandcoalthatfuelsoligarchicstatecapture,terrorismandcorruptionglobally.Weseektobuildmomentumforaredesignoftheglobaleconomy,withanewcleanenergyplanbasedonrenewables,freedomfrompetro-dictatorsandthecompletephase-outoffossilfuelstocreateamoreprosperousandpeacefulfutureforUkraine,Europeandthewholeworld.Formoreinformation,visit.

ReclaimFinanceisanNGOaffiliatedwithFriendsoftheEarthFrance.Itwasfoundedin2020andis100%dedicatedtoissueslinkingfinancewithsocialandclimatejustice.Inthecontextoftheclimateemergencyandbiodiversitylosses,oneofReclaimFinance’sprioritiesistoacceleratethedecarbonizationoffinancialflows.ReclaimFinanceexposestheclimateimpactsoffinancialplayers,denouncesthemostharmfulpracticesandputsitsexpertiseattheserviceofpublicauthoritiesandfinancialstakeholderswhodesiretobendexistingpracticestoecologicalimperatives.Formoreinformation,visitreclaimfi.

SolutionsforOurClimate(SFOC)isanonprofitorganizationestablishedin2016toaddressthesocialandenvironmentalimpactsofclimatechange.SFOCconductsresearchonsolutionsforreducinggreenhousegasemissionsandexpandingrenewables,andcoordinatescampaignswithbothdomesticandinternationalorganizationstoaddresstheclimatecrisis.Formoreinformation,visit

.

TrendAsiaisanindependentcivilsocietyorganizationthatactsasanacceleratorofenergytransformationandsustainabledevelopmentinAsia.Theirmissionistoreinforce,enrich,amplify,intensify,cultivate,andco-leadtheecosocionomicsmovementinSoutheastAsia.Formoreinformation,visit.

WaterkeepersBangladesh(WKB)workstoprotectthewaterandwaterbodiesofBangladeshincludingitsforestresourcesthroughenforcement,fieldwork,andcommunityaction.Formoreinformation,visit.

AbouttheGlobalCoalPlantTracker

TheGlobalCoalPlantTrackerisanonlinedatabasethatidentifiesandmapseveryknowncoal-firedgeneratingunitandeverynewunitproposedsinceJanuary1,2010(30MWandlarger).DevelopedbyGlobalEnergyMonitor,thetrackerusesfootnotedwikipagestodocumenteachplantandisupdatedbiannually.Forfurtherdetails,seeTrackerMethodology.

Authors

TheleadGlobalEnergyMonitorauthorsincludeChristineShearer,LucyHummer,GregorClark,andJeanetteLim.Contributingauthorsinclude:PippaGallop(Bankwatch);SamoraLevy,OykuSenlen,HamsaSrikanth(E3G);YannLouvel,PatrickMcCully(ReclaimFinance);andAlfaArifiaSetiawan,ZakkiAmali,NovitaIndriPratiwi,HerdanangAhmadFauzan(TrendAsia).

Editingandproduction

Designby89up.PagelayoutbyDavidVanNess.FiguresledbyAliceFeng.EditingcontributionsprovidedbyStefaniCoxandDavidHoffman.CopyeditsbyAmandaDeBord.

Imagecredits

Cover:(left)ByKidClutchunderCCby2.0license(right)ByTimvanderKuipunderUnsplashlicense.Page10:ByArnoSenonerunderUnsplashlicense.

Page36:ByEsaSetiawanwithTrendAsia.Page42:ByMarkWatersunderCCby2.0license.Page49:ByZeynelCebeciunderCCBY-SA4.0license.

Permissions/copyright

Copyright©GlobalEnergyMonitor.DistributedunderaCreativeCommonsAttribution4.0InternationalLicense.

Furtherresources

Foradditionaldataonproposedandexistingcoalplants,seeSummaryDataontheGEMwebsite,whichprovidesover20tablesprovidingresultsfromtheGlobalCoalPlantTracker(GCPT),brokendownbyprovince,nation,andregion.ForlinkstoreportsbasedonGCPTdata,seeReports&BriefingsontheGEMwebsite.ToobtainprimarydatafromtheGCPT,seeDownloadDataontheGEMwebsite.

Acknowledgements

Contributingresearchersandreviewersinclude,butarenotlimitedto:MingxinZhang,XingZhang,FloraChampenois(GEM);QiQin,BelindaSchäpe,KatherineHasan,LauriMyllyvirta(CREA);NilayVardar,AlexandruMustata,PercevalPradelle(BeyondFossilFuels);DonghyunGo,SeokhwanJeong,AyleenLippert,YounglakHong(SFOC);YasukoSuzuki(KikoNetwork);ElifCansuİlhan,ÖzlemKatısöz,FrosinaAntonovska,SamuelMartin-Sosa(CANEurope);MuhammadBadarAlam,ShaheeraTahir(PRIED);HasanMehedi(CLEAN&BWGED);SharifJamil(WKB&DHORA);GonzaloMelejElgart,SaraLarraín(ChileSustentable);MarianaVillegas,NadiaCombariza(POLENTransicionesJustas);NicoleFigueiredodeOliveira,JulianoBuenodeAraújo,JohnWurdig,RenatadeLoyolaPrata,UriasdeMouraBuenoNeto,RenataSembay,FátimaFrança(ARAYARAInternationalInstitute);OlehSavytskyi,MarinaAgortimevor(AfricaJustTransitionNetwork);andJasonKirkpatrick(RazomWeStand).

GlobalEnergyMonitoralsothanksadditionalindividualsandorganizationsfortheirtime,insights,and/ordata,includingbutnotlimitedto:DanPrull,PhD(SierraClub);BahadırSercanGümüş,SarahBrown(Ember);EmelTürker(GreenpeaceAkdeniz);MustafaÖzgürBerke(EuropeanClimateFoundation);HülyaÇeşmeciCengiz(MekandaAdaletDerneği);HaneeaIsaad(IEEFA);TatianaLanshina(AgoraEnergiewende);andINSAPROMA.

Mediacontact

ChristineShearer,PhDProjectManager,GlobalCoalPlantTracker

christine.shearer@

PublishedMay2026

BoomandBustCoal2026

TrackingtheGlobalCoalPlantPipeline

Executivesummary

In2025,theworldbuiltmorecoalanduseditless.Newcoalpowercapacityadditionsreachedoneofthehighestlevelsonrecord,evenascoal-firedelectricitygenerationdeclined.ThisgapwasparticularlypronouncedinChinaandIndia,wherewindandsolarmetmostorallnewdemand,drivingdowncoalgenerationevenascoalplantcommissioningreacheddecadehighs.

Asthegapbetweencoalplantsandthepowertheyproducewidened,coalcapacityisincreasinglymaintainednotasaprimarysourceofgenerationbutasaformofsysteminsurance,valuedforitsavailabilityintimesof

stressratherthanitsday-to-dayuse.Thiswasevidentin2025acrossbothcountrieswithlargedomesticcoalmining—suchasChina,India,andtheU.S.—andcoal-importingregions,includingpartsoftheEU.

InChina,recordnewcoalplantproposalswerejustifiedasprovidingflexiblesupportfortheelectricitysystemandsafeguardingdomesticenergysupply.InIndia,thecoaldevelopmentpipelineexpandedforafifthconsecutiveyearundersimilarreliabilityandenergysecurityarguments.IntheU.S.,federalemergencypowerskeptcoalplantsoperatingthatwouldotherwisehaveretired,whileseveralEUcountriesalsodelayedplannedcoalplantretirements,citingenergysecurityconcerns.

Yet,theconditionsthatmakecoalappearnecessaryalsorenderitredundant.InChinaandIndia,coalisbeingbuilttobackuparenewableexpansionthatisalreadydisplacingit.Forcoal-importingcountries,thepricevolatilitythatcanmakecoalappearcompetitivecomparedtogasalsomakesthecaseformovingbeyondfossilfuelsentirely.The2021–2022energycrisisillustratedthis:Highergaspricesdroveupcoalprices,acceleratingcleanenergydeploymentratherthantriggeringalastingcoalrevival.

Asmorecoalisretainedthanpowersystemsrequire,capacityisincreasinglyabsorbedthroughlowerutilizationratesratherthanhighergeneration,placingpressureonplanteconomicsandraisingtheriskofstrandedassets.TheU.S.stoodoutastheonlymajoreconomyin2025toincreasecoalgeneration,underapolicyshiftthatexplicitlycurtailedcleanenergydeployment—insulatingcoalfromthecompetitivepressureerodingitseconomicsanduseelsewhere.

Whilesomegovernmentscontinuetopromotecoalpowerthroughpolicyintervention,thetotalnumberofcountriespursuingnewcoaldevelopmentisshrinking.In2025,only32countrieswereproposingorbuildingnewcoalplants,downfrom38thepreviousyearand75in2014.LatinAmericareachedNoNewCoalstatusin2025,whileSouthKoreacommittedtocoalphaseout.Incountrieswheredevelopmentcontinues,activityisoftenlimitedtoasmallnumberoflingeringorone-offcoalprojects.Ofallcoalpowercapacityunderconstructionglobally,only5%isoutsideofChinaandIndia.

Astheglobalcoalpipelinenarrows,newdevelopmentisincreasinglyconfinedtoasmallnumberofcountriesandregions,shapedmorebycountry-specificpolicychoicesthanbybroadermarkettrends.Thecentralchallengeheadinginto2026isnottheavailabilityofalternativestocoal,butthepersistenceofpolicyframeworksthatcontinuetotreatcoalasnecessaryevenaspowersystemsmoveincreasinglybeyondit.

Keydevelopmentsof2025

In2025,globalcoalpowercapacitycontinuedtogrowevenascoal-firedgenerationdeclined.Globalcoalcapacityincreasedby3.5%,whilecoalgenerationfellby0.6%,reinforcingawideningdisconnectbetweencoalcapacityadditionsandhowmuchcoalwasactuallyused.

CoalgenerationfellmostsharplyinChinaandIndiaevenasbothcountriesrecordedhighcommissioning.InChina,coalcapacityexpandedby6%whilegenerationdeclined1.2%;inIndia,capacitygrewby3.8%whilegenerationfell2.9%.Inbothcountries,windandsolarmetmostorallincrementaldemand,contributingtothedivergencebetweenrisingcapacityandfallingoutput.

InChina,newandreactivatedcoalpowerprojectsin2025surgedtoarecordhighof161.7GW.Inall,Chinahasover500GWofcoal-firedcapacityindevelopment.Ifbuilt,theprojectswouldcommitChinatoyearsofcoalexpansionwellintoits15thFive–YearPlanperiod(2026–2030),duringwhichthegovernmenthaspledgedtoreducecoalconsumption.

Indiarecorded27.9GWofnewandreactivatedcoalplantproposalsin2025.Inall,Indiahas107.3GWofcapacityinpre-constructionplanningandanother

23.5GWunderconstruction.TheIndiangovernmenthassetatargettoadd100GWofnewcoalcapacityoverthenextsevenyears,evenasrecordadditionsofsolarandwindpushednon-fossilcapacitytomorethanhalfoftotalinstalledpowercapacityin2025.

Globally,nearly70%ofcoal-firedunitsscheduledtoretirein2025didnotdoso,including69%ofscheduledretirementsintheEUand59%intheU.S.IntheEU,mostmissedretirementsreflectpostponementsthatbeganduringthe2022–23energycrisis,evenasformalcoalphaseoutcommitmentsremaininplace.IntheU.S.,retirementdelaysweremoredirectlytiedtogovernmentinterventionthatkeptagingcoalplantsonlinethroughexplicitorders.

Coaldevelopmentcontinuedtonarrowgeographically.Thenumberofcountriesproposingorbuildingnewcoalplantsfellfrom38in2024to32in2025.CountriesexitingthecoalpipelineincludedSouthKorea,whichpledgedin2025tophaseoutcoalpowerby2040,andBrazilandHonduras,leavingLatinAmericafreeofanynewcoalpowerproposals.

CoalconstructionoutsideChinaandIndiahitarecordlow,atjust5%ofglobalconstructioncapacityin2025.Globalcoalexpansionisincreasinglydrivenbyasmallsetofcountriesratherthanbroad-basedglobaldemand.

Indonesia’scoalfleetgrewby7%in2025,withaquarteroftheincreasetiedtocaptivecoalfornickelandaluminumprocessing.Thecountryalsorankedthirdgloballyfortotalproposedcoalcapacity(11GW)behindChinaandIndia,includingbothnewon-gridplansandtheongoingpersistenceofoff-gridcaptiveproposals.

InTürkiye,justoneactivecoalplantproposalremainsasthecountrypreparestohosttheupcomingCOP31climateconference,downfromover70proposedcoalplantsin2015.

InSouthAsiaoutsideofIndia,coalgenerationislargelyimport-dependent.WhilePakistanhasrapidlydeployeddistributedsolarthatstabilizesagainstshiftingfossilfuelmarkets,Bangladeshhasfacedtechnicalandfuelsupplychallengeswithitsfossilpowerandhasyettoimplementsignificantrenewablecapacity.

InSoutheastAsiaoutsideofIndonesia,newcoalcapacitycommissioningdeclinedforthethirdyearinarow,evenasemerginggassupplydisruptionsin2026havepromptedsomecountriestoleanmoreheavilyonexistingcoalcapacity.

InAfrica,coalproposalswereagainconcentratedinZimbabweandZambia,whichtogetheraccountedfortwo-thirdsofnewcoaldevelopmentin

theregion.

Tableofcontents

Executivesummary 4

Keydevelopmentsof2025 5

Globaldatasummary 9

Chinadrivesglobalcommissioningtonear-recordlevels 11

Retirementdelaysextendcoallifetimes 13

Coaldevelopmentacceleratesandconcentrates 16

China:Coalpowerdevelopmentacceleratesdespitefallinggeneration 20

Recordproposalsandcommissioning 20

Laggingretirementsandlifeextension 21

Changingsystemdynamics 22

Policysupportsustainscoalas“back-up” 22

Geographicconcentrationandprovincialdynamics 22

ImplicationsforChina’spowersystemtransition 24

India:Coalexpansioncollideswithcleanenergygoals 24

OECD,G20,andnon-OECDcountries:Divergingregionalpathwaysforcoaldevelopment 26

OECD,EUandG20:Coal’sdecliningroleandastructuralshiftinpowersystems 28

COPPresidenciesintheG20:Coalasatestofclimateleadership 29

Non-OECDcountries:FragmentedcoaldevelopmentoutsideChinaandIndia 30

Indonesia:Unevenregulationcomplicatescoal’sroleon-andoff-grid 31

UnitedStates:Politicalinterventiondrivesupgenerationandprices 36

EU27:Coalinterminaldecline 40

SouthKoreaandJapan:Divergingcoalpathways 44

Australia:Solar-ledtransitioncreatesopeningforano-new-coalpledge 47

Türkiye:Grassrootspushfortransitioncontrastsaggressivecoalproductionplans 49

Canada:Coallifeextensionsdefynationalphaseout 52

Pakistan:Distributedinstallationsdrivepowertransformationoutsideofthenationalgrid 54

Bangladesh:Newenergyplan,samecentralissues 57

SoutheastAsia:NewcoalstagnantbeyondIndonesia 59

RussiaandCentralAsia:Domesticcoalexpandswhileexportplansfallthrough 62

Russia 62

Kazakhstan 64

Mongolia 65

CentralAsia:Kyrgyzstan,Tajikistan,andUzbekistan 67

LatinAmerica:Nonewcoalplants,butbackslidingonretirementdates 68

Brazil 69

Chile 72

Colombia 74

DominicanRepublic 75

Mexico 75

Argentina 76

Guadeloupe 76

Guatemala 76

Panama 76

Africa:Coalproposalsremainlimitedbutpersistent 77

WesternBalkans:RetirementdelaysconflictwithEUcarbonborderadjustmentmechanism 80

Ukraine:Rebuildingthepowersystemforamoreresilientfuture 83

Privatefinancecoalpolicytrendsin2025 84

Appendix1:Coalpowercapacitybystatusandcountry/area(MW) 86

Appendix2:Statuschangesin2025bycountry/area(MW) 89

Globaldatasummary

Globalcoalpowercapacitycontinuedtogrowin2025evenascoal-firedelectricitygenerationdeclined,highlightingawideningdisconnectbetweeninstalledcoalpowerandtheelectricityitproduces.ThisdivergencewasdrivenparticularlybyChinaandIndia,wherecoalcapacityexpandedby6%and3.8%whilegenerationfellby1.2%and2.9%,respectively.

Globalcoalcapacityrosein2025evenascoalgenerationfell—drivenbyChinaandIndia

Annualchangeinglobalcoalpowercapacityandgeneration,2024−2025

Source:GlobalEnergyMonitor,GlobalCoalPlantTracker,January2026,EmberGlobalElectricityReview2026

Figure1

Theresultwasanetglobalcoalcapacitygrowthof3.5%alongsidea0.6%declineingeneration,reinforcingthatnewcapacityin2025wasabsorbedthroughlowerutilizationratherthanhigheroutput.

Whatsetsthecurrentperiodapartfrompreviousdipsincoalgenerationisthescaleofwindandsolaradditions,whichareincreasinglymeetingnewdemandanddisplacingcoal.Whilecoalgenerationmayfluctuateinthenearterm—includingpotentialincreasesdrivenbyhighergasprices—theunderlyingdynamichasshiftedascleanenergybecomesmorecompetitiveandwidelydeployed.Thisraisestheprospectofamoresustaineddecouplingbetweencoalcapacitygrowthandgeneration,particularlyifcleanenergydeploymentcontinuesatcurrentrates.

Inthenearterm,however,gaspriceshockscancausetemporaryreversals.InthefirstmonthoftheU.S.-IsraeliWarwithIran,surginggaspricespushedinternationalbenchmarkcoalpricesupnearly20%.Thecountriesmostexposedaregas-dependenteconomieswithlittletonodomesticcoalproduction,coalfleetsrunningbelowfullcapacity,andinsufficientcleanenergydeploymenttoshieldfromfossilmarketfluctuations.Forthesesamecountries,however,repeatedexposuretofossilfuelpricevolatilityisaslikelytoacceleratetheshifttowardcleanenergyasitistodelayit.

2025hintsatawideninggapbetweencoalcapacityandgenerationinChinaandIndia

Totaloperatingcoal-firedpowercapacityandgenerationbycountry,ingigawatts(GW)andterrawatt-hours(TWh);eachcountryonownscale

Source:GlobalEnergyMonitor,GlobalCoalPlantTracker,January2026,EmberGlobalElectricityReview2026

Figure2

Chinadrivesglobalcommissioningtonear-recordlevels

Globalcoalplantcommissioningin2025washeavilyconcentratedinChina,wherenewcoalcapacityadditionsreachedadecadehighof78.1GW.Indiaalsosawareboundincoalcommissioningcomparedtorecentyearswith10GWadded,althoughadditionsremainedbelowmid-2010slevels.Globally,capacityaddedin2025totaled97.4GW,thesecond-highestonrecordbehindonly2015(107.3GW).

Newcoalplantadditionsreachadecadehigh,drivenbyChina

Coal-firedpowercapacitythatbeganoperatingbyyearandregion,ingigawatts(GW)

Source:GlobalEnergyMonitor,GlobalCoalPlantTracker,January2026

Figure3

OutsideofChinaandIndia,coalplantcommissioningremainedcomparativelylowat

9.2GW.Indonesiaaloneaccountedforover40%ofthetotal,bringingonline4GWofnewcoalcapacity,followedbyBangladesh(1.3GW)andSouthKorea(1.1GW),withthelattercommissioningitslastplannedcoalplantaheadofits2025commitmenttophaseoutcoalpower.SouthAfricacompletedthefinal0.8GWunitofthe

Kusile

powerstation—morethanadecadeafteritsoriginallyplanned2011startdate—leavingthecountrywithnoremainingcoalpowercapacityunderconstruction.

Thetoptencountriesaccountfornearly90%ofoperatingcoalpowercapacityin2025andover99%ofadditions

Toptencountriesfortotaloperatingcoalpowercapacityandnewlyaddedcapacityin2025,ingigawatts(GW)

Source:GlobalEnergyMonitor,GlobalCoalPlantTracker,January2026Notes:Theremaining11%oftotalcapacityisspreadacross63countries.Newlyadded2025alsoincludesthePhilippines,Kazakhstan,andZimbabwe(0.1−0.15GWeach).

Source:GlobalEnergyMonitor,GlobalCoalPlantTracker,January2026

Figure4

Inall,asmallgroupofcountriesnowdominatesboththeglobalcoalfleetandnewinvestment:Thetenlargestcountriesaccountfornearly90%ofoperatingcoalpowercapacityworldwide,whileasimilarlyconcentratedgroupaccounts