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Asian Nations Including India Hold 80% Of World’s Planned Coal; $150 Billion Damage Predicted

As the world continues to struggle with the climate catastrophe, reports suggest that the five Asian countries including India are responsible for 80 percent of the world’s planned new coal plants. These plants are said to endanger Paris climate goals.

$150 Billion Could Be Wasted

As per the report released by the financial think tank Carbon Tracker suggests that the 92 percent of these planted units will be uneconomic. Some might even go under business and could lead to the wastage of $150 billion.
For the same, the consumers and the taxpayers will be making up for the bill and the countries will either subsidize coal power or take it with a favourable market design or other forms of policy support.
This comes after UN Secretary-General Antonio Guterres called for the cancellations of all the new coal plants. However, his calls were ignored. The countries include China, Japan, Indonesia, Vietnam and India.
Carbon Tracker’s Head of Power and Utilities, Catharina Hillenbrand Von Der Neyen said that the last bastions of the coal power are way too close towards severe damage. This comes after many of the renewable alternatives are available that offer a cheaper solution and support the global climate targets.

$220 Billion Worth Coal Plants At Risk If Paris Climate Targets Are To Be Met

The report warns that the five Asian countries also create nearly three quarters of the current global coal fleet. China is responsible for 55 percent and India for 12 percent. Worldwide, $220 billion of operating coal plants are deemed at risk of becoming stranded if
The world meets the Paris climate targets.
The reports also suggested that around 80 percent of the operating global coal fleet could be replaced with new renewables. Furthermore, by 2024, the renewable would be cheaper than coal in every major region.