The Worldwide Vitality Company (IEA) has mentioned that no new fossil gas infrastructure — together with new coal mines and vegetation — could be constructed after 2021 if the world is to restrict international warming to the Paris Settlement’s goal of 1 .5 levels Celsius above pre-industrial ranges.
Nonetheless, almost 500 coal corporations are nonetheless planning new mines or energy vegetation, in response to information launched by German non-governmental group Urgewald and 40 accomplice organizations on Thursday.
“Of the 1,064 corporations in our database, 490 are growing new coal-fired energy vegetation, new coal mines, or new coal-fired transport infrastructure,” Urgewald director Hefa Schüking mentioned in a press launch asserting the brand new information. “Pursuing new coal initiatives within the face of a local weather emergency is reckless and irresponsible conduct. Traders, banks and insurers ought to instantly ban these coal builders from their wallets.
The brand new information is a part of the 2022 replace of the International Coal Exit Checklist (GCEL), a undertaking by Urgewald and its accomplice NGOs, which it says is “the world’s most complete public database on the coal business”. It screens greater than 1,000 corporations and greater than 1,800 subsidiaries concerned within the thermal coal worth chain. The replace discovered that 46 p.c of coal corporations are nonetheless increasing. New mining initiatives may enhance coal manufacturing by 37 p.c. There may be additionally an extra 476 gigawatts of coal capability underneath improvement, which is able to enhance capability by 23 p.c.
All this comes even though world leaders agreed on the finish of final yr’s COP26 local weather convention in Glasgow to “speed up efforts to section out coal with out refining”. But this lack of progress is in step with previous responses to local weather agreements. Schucking informed CNBC that international coal-fired capability has elevated by about 157 gigawatts because the signing of the Paris Settlement in 2015, which is identical capability because the mixed coal fleets of Germany, Russia, Japan and Poland.
Coal is essentially the most carbon intensive of all fossil fuels. A 2018 report by the Intergovernmental Panel on Local weather Change (IPCC) decided that burning coal for vitality should be decreased by 78 p.c by 2030 to satisfy the 1.5 diploma Celsius goal, in response to GCEL. As well as, to achieve internet zero greenhouse fuel emissions by 2050, the IEA mentioned developed nations ought to shut down their coal vegetation by 2030 and growing nations by 2040, the press launch mentioned. However only a few corporations act on these targets.
“Whereas the warnings issued by the IPCC and UNEP develop extra dire from one UN local weather summit to the subsequent, our information on corporations’ transition plans stays depressingly constant,” Schucking mentioned within the press launch. “The vast majority of corporations in GCEL nonetheless don’t have any intention of retiring the coal belongings which can be pushing us in the direction of the collapse of our local weather methods. An actual transition requires clear and shut dates for exiting coal.”
The replace discovered that solely 56 corporations, or 5.3 p.c of the full, had introduced any date for exiting coal, however most of these dates had been too late to satisfy local weather targets. Solely 27 corporations, or 2.5 p.c, had introduced exit dates in keeping with worldwide targets, however there was a catch.
“After we regarded intimately on the transition plans of those 27 corporations, we noticed that almost all of them merely plan to transform their coal vegetation to fuel or promote them, quite than retire them,” Schucking mentioned. “On the finish of the day, we recognized solely 5 corporations with plans to transition to coal that might be thought of Paris compliant.”
The vast majority of deliberate new mining initiatives are in China, India, Australia, Russia and South Africa, The Guardian reviews. Coal India was the world’s largest mine developer, however the largest variety of new coal mining initiatives had been deliberate for China, the replace discovered.
China was additionally the nation with essentially the most deliberate new coal vegetation, making it answerable for 61 p.c of the brand new capability within the works. The 4 corporations planning essentially the most new plant developments had been additionally Chinese language.
“The world welcomed President Xi Jinping’s announcement in 2021 that China would cease constructing new coal-fired energy vegetation overseas, however China should undertake related measures for its home vitality system whether it is to develop into a 1.5° world participant C,” coordinator of the Asian Folks’s Motion for Debt and Improvement Liddy Nakpil mentioned within the press launch.
The ban on international coal vegetation has additionally not been completely enforced, with solely 13 gigawatts formally deserted to this point.
The US can also be no exception, with the world’s third-largest fleet of coal-fired energy vegetation at almost 218 gigawatts. It additionally lags behind nations reminiscent of Italy, France and the UK because it has not set a nationwide date to section out coal energy and has solely withdrawn 8.4 gigawatts of capability by 2021.
The put up ‘Reckless’ coal corporations transfer forward with new mines and vegetation, report findings appeared first on EcoWatch.
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