Developing economies in Asia are shunning coal, with new coal-power investments declining rapidly as governments develop and implement clean energy policies. These governments are setting out to prove that you don’t need to invest in fossil fuels to grow economically, as is generally seen as the case and is the route that most developed countries have taken.

What is Happening?

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asia coal

Graph showing how coal projects in Asia are decreasing (Source: Global Energy Monitor, obtained from the Financial Times).

Toby Hassal, lead analyst for coal market research at financial data provider Refinitiv, says, “When it comes to policy decisions [and] the economics of power generation, it seems every day that the outlook for the coal industry gets worse. It comes as no surprise to me that planned coal power stations that have been in the pipeline for a number of years, in places like Vietnam, Indonesia, and India, are increasingly being cancelled.”