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The report finds that while global coal phase-out remains possible, the current pace of closures is insufficient to meet Paris Agreement goals. China is a major outlier, accounting for 68% of proposed global coal capacity in 2022, while other regions show a decline in new projects. In South Korea, the report argues that current plans are inconsistent with national climate goals and that the financial risks of coal dependence are evident in the deficits of the Korea Electric Power Corporation.

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  • Global coal phase-out is progressing but remains insufficient to meet Paris Agreement targets. Approximately one-third of operating capacity (580 GW) has assigned closure dates, and most of the remaining 1,400 GW falls within carbon neutrality goals, meaning only 5% of global capacity is outside national commitments.
  • China's coal expansion is diverging sharply from the rest of the world. In 2022, China's proposed coal capacity increased by 38% (from 266 GW to 366 GW), while capacity in the rest of the world decreased by 20% (from 214 GW to 172 GW). China now represents 68% of all proposed global coal capacity.
  • The pace of coal plant closures must accelerate significantly to meet 2040 targets, requiring an average annual closure of 117 GW, which is 4.5 times the amount closed in 2022.
  • South Korea's coal phase-out plan is deemed insufficient to meet its Nationally Determined Contribution (NDC) of a 40% reduction in greenhouse gas emissions by 2030 compared to 2018. The government plans to operate 41 coal plants (31.7 GW) in 2030, representing only a 19% decrease from the current 39.1 GW.
  • Financial risks associated with coal dependence are manifesting in South Korea, with the Korea Electric Power Corporation (KEPCO) recording a deficit of over 32.6 trillion KRW (25 billion USD) in 2022, of which approximately 30% is attributed to coal power.

Cite the original document

APA
Global Energy Monitor (2023). 석탄의 경제 대전환. https://globalenergymonitor.org/sites/default/files/migration/reports/Boom-Bust-Coal-2023-Korean_11.pdf
Chicago
Global Energy Monitor. 석탄의 경제 대전환. 2023. https://globalenergymonitor.org/sites/default/files/migration/reports/Boom-Bust-Coal-2023-Korean_11.pdf.
Wikipedia
{{cite report |author=Global Energy Monitor |title=석탄의 경제 대전환 |date=April 2023 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/Boom-Bust-Coal-2023-Korean_11.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}
BibTeX
@techreport{globalenergymonitor2023, author = {{Global Energy Monitor}}, title = {{석탄의 경제 대전환}}, institution = {Global Energy Monitor}, year = {2023}, month = apr, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/Boom-Bust-Coal-2023-Korean_11.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }

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