China accounted for two-thirds of new global coal plant capacity in 2023, report finds
Chinese flag on a background of coal.
Andrzej Rostek | Istock | Getty Images
The world added more coal power capacity last year than any year since 2016, with China driving most growth and future planned capacity, according to new research.
A report by Global Energy Monitor released Thursday found that net annual coal capacity grew by 48.4 GW, representing a 2% year-over-year increase. China alone accounted for about two-thirds of new coal plant capacity.
Other countries that brought new coal plants online included Indonesia, India, Vietnam, Japan, Bangladesh, Pakistan, South Korea, Greece and Zimbabwe.
Meanwhile, other countries such as the U.S. and U.K., slowed their rate of plant closures, with only about 22.1 GW retired last year — the smallest amount since 2011.
The authors of the GEM report recommended countries commit to shutting down coal plants at a faster pace, and for nations like China to adopt stricter controls on the development and usage of new plants.
“Otherwise we can forget about meeting our goals in the Paris agreement and reaping the benefits that a swift transition to clean energy will bring,” said Flora Champenois, a Global Energy Monitor analyst.
The Paris Climate agreement, signed by most global governments in 2015, set long-term goals for substantially reducing greenhouse gas emissions, caused by fossil fuels like coal. Coal power capacity, however, continues to steadily grow.
China has separately set a goal of reaching net-zero by 2060. President Xi Jinping said in 2021 that China would “strictly control coal consumption” up to 2025 and “phase down coal consumption” thereafter.
Yet, according to data from GEM, China started construction on 70.2 GW of new coal-power capacity last year, nearly 20 times as much as the rest of the world’s 3.7 GW. The country also only retired about 3.7 GW of its coal capacity in 2023.
Despite this, GEM said that with “immediate and determined action,” China can still meet its climate targets, including a goal set by the National Energy Administration in 2022 to retire 30 GW of coal power by 2025.
While low retirement rates contributed to coal’s blockbuster 2023, they are expected to accelerate in the U.S. and Europe, according to the report. That could offset some of the new capacity in China.
“Coal’s fortunes this year are an anomaly, as all signs point to reversing course from this accelerated expansion,” said Champenois.
Green energy addition, not transition?
While China has been a major coal user, accounting for more than half of consumption since 2011, it also helped expand global renewable energy capacity.
According to a report from the IEA, global renewable capacity additions increased by almost 50% to nearly 510 GW in 2023, the fastest growth rate in two decades.
“While the increases in renewable capacity in Europe, the United States and Brazil hit all-time highs, China’s acceleration was extraordinary,” the report said.
China commissioned as much solar capacity as the entire world did in 2022, while wind additions also soared 66% year-on-year, the IEA said.
However, experts have argued that China’s rapid economic growth, combined with the unreliable and intermittent nature of renewable energy sources has kept coal as a critical fallback option for the manufacturing focused economy.
China also ranks among the top five countries in terms of global coal reserves, but not other, less pollutant options like oil and natural gas, according to Rob Thummel, managing director at energy value chain investment company Tortoise.
“In China, coal is the largest domestic energy resource, so China continues to tap it in order to maintain energy security,” Thummel added.
The IEA estimates that all global coal generation needs to cease by 2040 to limit temperature rises within the key threshold of 1.5 degrees Celsius.
According to GEM, meeting this 2040 phase-out goal would require an average of 126 GW in coal plant capacity to be shutdown annually for the next 17 years — equivalent to about two coal plants per week.
The required cuts are even deeper when accounting for the 578 GW of coal capacity under construction and in pre-construction, it added. As per GEM’s data, global coal capacity retirements still have not ever outpaced additions.
The EU’s climate change monitoring service said on Tuesday that the world experienced its warmest March on record, marking the tenth month in a row of new temperature records.
Tesla has released a new video that includes some footage of a previously unseen vehicle interior. Could it be an early concept of the interior of the Robotaxi?
For the last few years, Tesla has been working on a vehicle designed from the ground up to be a self-driving vehicles. The company has been referring to it as ‘Robotaxi’.
CEO Elon Musk insists that Tesla is still dedicated to delivering its promised self-driving capability to existing vehicles delivered since 2016 through software update, but it also decided to build a new vehicle designed entirely around the fact that it will be driverless.
Not much is known about the vehicle other than hints that it won’t have a steering wheel or pedals, and that it will be “Cybertruck-like” in terms of design.
Now, Tesla has released a new video, which Musk wanted to make clear he wasn’t involved in, to try to encourage shareholders to vote for his $55 billion compensation package and moving the company’s state of incorporation to Texas:
In the video, many pointed out a shot of the interior of a vehicle that doesn’t match anything Tesla has released to date:
The image shows what appears to be a two-seater vehicle without steering wheel and a center display similar to what is found in current Tesla vehicles.
The seats are unlike what you would find in modern vehicles and something closer to what you would find in public transit, like a train:
Tesla plans to unveil its ‘Robotaxi’ on August 8th. The automaker has recently accelerated its timeline for the vehicle and plans to bring it to market as soon as next year.
Do you think this is an early concept for the Tesla Robotaxi interior? Let us know in the comment section below.
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Mercedes-Benz High-Power Charging just opened more DC fast chargers at Buc-ee’s stores in the Dallas-Forth Worth area.
Three new Mercedes DC fast charging stations are at Buc-ee’s in Fort Worth, Temple, and Royse City. Mercedes asserts that every one of its chargers offers up to 400 kW of power.
It’s also adding 12 more charging stations at Buc-ee’s in the Dallas-Fort Worth, San Antonio, and Houston metro areas – also known as the Texas Triangle, home to 68% of Texans:
Buc-ee’s isn’t your typical convenience store – they’re huge, with some stores covering over 50,000 square feet, and they offer a wide variety of items, including snacks, beverages, fresh food, clothing, home decor, and Texas-themed merchandise. It’s known for its homemade fudge, jerky, and beaver nuggets (caramel-coated corn puffs). Most Buc-ee’s locations are open 24 hours a day, seven days a week.
In November 2023, Mercedes announced it had made an agreement with Buc-ee’s to build EV charging hubs at most of its existing stores. Mercedes is aiming to have around 30 online by the end of the year. There are currently 48 Buc-ee’s locations across the US South, 34 of which are in Texas.
When I spoke to Mercedes-Benz High Power Charging CEO Andrew Cornelia last year, he was passionate about the importance of placing EV chargers near amenities that travelers need.
Mercedes offers open access for all EV drivers, including roaming with other charging networks. Its charging hubs support contactless payments with credit cards or smartphone wallets.
The first Mercedes DC fast charging station came online last November at its headquarters in Sandy Springs, Georgia. Mercedes-Benz plans to deploy 2,500 high-powered chargers in 400 hubs by 2027.
Texas is the US’s No. 1 producer of clean energy and ranks fourth in public EV charging. However, to meet driver demand, the state needs around 95,000 more public chargers by 2027.
Read more: America, Mercedes-Benz wants you to indulge in retail therapy while you’re DC fast charging
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Environment
Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report
Another EV stock may be removed from the Nasdaq exchange. After failing to file its annual report, Polestar (PSNY) received a notice from the Nasdaq as the company faces a possible de-listing.
Polestar, Volvo’s former high-performance unit, was established as an EV brand in 2017 under Geely’s control.
Since launching the Polestar 2, its first all-electric vehicle, the brand has expanded into 27 markets globally. The electric car has even become a top seller in several key markets like Norway, Sweden, and Germany.
However, like many EV startups, Polestar has hit its fair share of hurdles. After cutting guidance late last year (from 80K to 60K), Polestar still missed its target, delivering 54,600 vehicles last year.
In February, Volvo announced plans to sell 62.7% of its stake in Polestar as it looks toward its next growth stage. Volvo also confirmed it will “not provide further funding to Polestar” outside of its existing $1 billion outstanding convertible loan.
The news came after Polestar announced plans to cut 15% of its global workforce amid slowing EV sales earlier this year.
Polestar stock facing potential Nasdaq de-listing
After failing to file its annual report for the fiscal year ending December 31, 2023, Polestar received a deficiency notice from the Nasdaq.
The notice states Polestar is not in compliance with its listing rules, which require the timely filing of periodic financial reports.
Polestar said the notice has no immediate impact on the company’s listing. However, under the Nasdaq listing rules, Polestar has 60 days to submit an action plan. If Nasdaq accepts it, Polestar could be issued an additional 180 days from the notice date, or until November 2024, to regain compliance.
The company has already received consent from lenders under its nearly $1 billion 3-year loan facility for the late filing. Polestar says it is fully committed to regaining compliance.
Polestar is working to file the annual report “as soon as practicable” and to report Q1 2024 earnings shortly after.
Polestar stock was down over 13% on Monday following the potential de-listing notice. PSNY shares are now down over 50% this year, hitting their lowest prices since going public.
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