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illuminem summarizes for you the essential news of the day. Read the full piece on The New York Times or enjoy below:
🗞️ Driving the news: Global capacity for coal power generation increased in 2023, primarily due to new plants in China, alongside a decrease in the retirement pace of older plants in the US and Europe, as reported by Global Energy Monitor
🔭 The context: Despite global agreements to reduce coal use due to its significant greenhouse gas emissions, China led with two-thirds of the new coal power plants last year
• Other Asian countries like Indonesia, India, Vietnam, Japan, Bangladesh, Pakistan, and South Korea also contributed to the growth, with new plants expected to operate for decades
🌍 Why it matters for the planet: The expansion of coal power challenges global climate goals, particularly the aim to limit global warming to 1.5 degrees Celsius
• Coal's resurgence, especially in developing economies with easy access to domestic reserves, poses significant environmental risks despite newer plants being less polluting than older ones
⏭️ What's next: The continuation and potential increase of coal power plant construction, especially in China and India, raises concerns over achieving the global climate target of reducing coal use significantly by 2040
• This trend could jeopardize efforts to combat climate change and underscores the need for increased investment in renewable energy sources
💬 One quote: "Right now, coal’s future is a two-part story: What do we do about currently operating coal plants, and then, how do we make sure the last coal plant that will ever exist is one that’s already built," - Flora Champenois, report author
📈 One stat: China accounted for around 60 percent of the world's coal use last year, with coal power plants' construction in the country reaching an eight-year high in 2023
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