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This report by Global Energy Monitor and the Centre for Research on Energy and Clean Air (CREA) analyzes the state of coal power expansion in China as of February 2026. It highlights a critical divergence where coal capacity reached a decade-high in 2025 despite falling generation and the rapid growth of clean energy and storage. The authors argue that current investment incentives and a large project pipeline risk locking in overcapacity and hindering China's 2030 climate targets, urging a fundamental shift in coal's role from baseload power to a flexible, residual support resource during the 15th Five-Year Plan.