BOOM AND BUST 2021

In 2020, a significant increase in coal plant development in China offset a global retreat from coal, leading to the first increase in global coal capacity since 2015. While China commissioned 38.4 GW of new capacity, the rest of the world saw a decline of 17.2 GW, driven by record retirements in the U.S. and EU27. South and Southeast Asian nations, including Indonesia, Bangladesh, the Philippines, and Vietnam, announced plans to cut up to 62 GW of planned coal power due to falling renewable costs and financing difficulties. Despite these regional shifts, the report finds that global coal capacity remains far above the levels required to meet the IPCC 1.5 degree pathway, with an estimated 1,350 GW needing to be cancelled or retired.

• China's coal expansion in 2020 reversed a five-year global decline in coal capacity development, with China commissioning 38.4 GW of new plants, which represented 76% of the global total of 50.3 GW.
• Outside of China, the global coal fleet declined by 17.2 GW in 2020, led by retirements in the U.S. (11.3 GW), the EU27 (10.1 GW), and the UK (3.3 GW).
• South and Southeast Asian countries—specifically Indonesia, Bangladesh, the Philippines, and Vietnam—announced plans to cut up to 62.0 GW of planned coal power, reducing their pre-construction pipeline by 80% compared to 2015 levels.
• Coal retirements in the U.S. reached record levels during the Trump administration, with 52.4 GW retired between 2017 and 2020, exceeding the 48.9 GW retired during Obama's second term.
• India's coal fleet grew by only 0.7 GW in 2020, the lowest increase since 2004, as the country faces low capacity factors and competition from cheaper solar and wind energy.
• Global coal capacity is not aligned with the IPCC 1.5 degree pathway; approximately 1,350 GW of capacity must be cancelled or retired to meet these emission budgets.
• Financial institutions are increasingly restricting coal financing, though 'ratio-based' policies and corporate loans from Chinese and Japanese banks still allow significant funding to flow to coal developers.
• In the EU27, retirements reached a record 10.1 GW in 2020, with Spain retiring half of its coal fleet (4.8 GW).

APA

Global Energy Monitor (2021). BOOM AND BUST 2021. https://globalenergymonitor.org/sites/default/files/migration/reports/BoomAndBust_2021_final_11.pdf

Chicago

Global Energy Monitor. BOOM AND BUST 2021. 2021. https://globalenergymonitor.org/sites/default/files/migration/reports/BoomAndBust_2021_final_11.pdf.

Wikipedia

{{cite report |author=Global Energy Monitor |title=BOOM AND BUST 2021 |date=April 2021 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/BoomAndBust_2021_final_11.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{globalenergymonitor2021boom, author = {{Global Energy Monitor}}, title = {{BOOM AND BUST 2021}}, institution = {Global Energy Monitor}, year = {2021}, month = apr, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/BoomAndBust_2021_final_11.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }