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The report finds that while many countries are reducing planned coal capacity, global operational capacity reached a record high in 2023, driven largely by China. It highlights a divergence between China's increasing construction and the decline in other regions. In South Korea, the report argues that current plans are insufficient to meet Paris Agreement goals and that continued reliance on coal, including ammonia co-firing, poses significant financial risks to the state utility and the national economy.

Global coal capacity reached a record high of 2,130 GW in 2023, growing by 2% (48.4 GW), primarily driven by China. While new construction hit a nine-year low outside China, it reached an eight-year high within China. Only 15% of global operational capacity is under a phase-out commitment. In Latin America, operational capacity is declining, though some countries like Brazil and Mexico face challenges with decommissioning timelines and legislative extensions of plant lifespans.

In 2023, global coal capacity reached a record 2130 GW, driven largely by China, despite a decline in new construction starts outside China. While 101 countries have committed to avoiding new coal, significant pre-construction pipelines remain in China and India. Central Asia is identified as a region moving against the global trend, with proposed coal capacity reaching 45% of its current operational capacity, led by Kazakhstan.

The report finds that while many countries are reducing coal capacity, global operational capacity grew by 2% in 2023 to 2,130 GW, driven largely by China. While new construction reached a historic low outside China, it hit an eight-year high within China. Only 15% of global operational capacity has a retirement commitment aligned with the 1.5°C goal. In Latin America, capacity is gradually decreasing, though some countries like Colombia and Mexico lack concrete phase-out plans, and Brazil has seen some retirement dates postponed.

Global coal-fired power capacity reached a record 2,130 GW in 2023, driven largely by China, despite a general global trend toward reducing new coal construction. While the EU and UK are accelerating retirements, China's new construction capacity reached an eight-year high. Turkey continues to develop coal capacity, ranking eighth globally in capacity under development, despite significant local opposition and the cancellation of numerous projects.

Global Energy Monitor identifies 74 new oil and gas projects that could emit 2.4 million metric tonnes of methane annually by 2030, potentially undermining the Global Methane Pledge. The analysis reveals significant discrepancies between these potential emissions and the company-wide figures reported by operators to the OGMP 2.0, suggesting widespread underreporting of assets or methane intensity. A small number of fields in Saudi Arabia and Guyana account for a disproportionate share of these emissions, while new EU regulations on imported oil and gas are expected to impact many of these developments.

The global operating coal fleet grew by 48.4 GW (2%) in 2023 to 2,130 GW, primarily driven by China. While many countries have reduced their coal pipelines or committed to 'No New Coal,' China saw an eight-year high in new construction starts. Outside China, new construction hit a record annual low. However, global operating capacity has grown 11% since 2015, and only 15% of current capacity has a retirement commitment aligned with the 1.5°C goal.

China's steel industry is dominated by emissions-intensive BF-BOF technology, which accounted for almost 94% of industry emissions in 2022. While the Ministry of Industry and Information Technology (MIIT) set a target of 15% EAF production by 2025, the document argues that China already possesses the capacity (151 mtpa) to meet this goal if utilization rates are increased. Achieving a more ambitious 20% EAF target by 2025 could reduce industry emissions by 217 mtpa CO2, nearly 11% of 2022 levels. Key obstacles to this transition include scrap steel distribution and power supply stability, though the growth of scrap availability and offshore wind energy provides opportunities for decarbonization.

The Europe Gas Tracker Report 2024 finds that Europe is continuing a massive gas infrastructure buildout despite emerging from its energy crisis and seeing a decline in gas demand. With €84.1 billion in planned LNG terminals and pipelines, the report argues that the region is creating significant overcapacity and risking stranded assets. It further warns that these projects could increase annual emissions by up to 1.1 gigatonnes CO2e, undermining the EU's 'Fit for 55' goals. Additionally, the report characterizes the proposed 35,000 km hydrogen pipeline network as a 'red herring' that may serve to lock in methane gas infrastructure due to technical incompatibilities and the lack of green hydrogen production.

The report finds that since the 2021 IEA Net Zero roadmap, at least 20.3 billion barrels of oil equivalent (boe) of new oil and gas discoveries have been announced. In 2023 alone, 20 fields were approved for development, sanctioning 8 billion boe. The analysis highlights a significant disconnect between the industry's push for new reserves—particularly in South America and Africa—and climate goals, noting that current production pathways are significantly higher than 1.5 degree compatible scenarios. It specifically criticizes the use of scope one and two emissions claims to justify projects while ignoring scope three emissions.

Russia's steel industry remains dominated by emissions-intensive coal-based blast furnace-basic oxygen furnace (BF-BOF) technology, which accounts for 60.9% of its 88,400 ttpa operating capacity. Despite pressures from the EU Carbon Border Adjustment Mechanism (CBAM) and corporate sustainability reporting rules in the EU and US, Russian companies are refurbishing old blast furnaces and planning new ones rather than transitioning to low-emissions electric arc furnace (EAF) or hydrogen-based direct reduced iron (DRI) production. While Russia aims to produce 550 thousand tonnes of hydrogen per annum, it lacks domestic demand and faces challenges in DRI-EAF deployment due to the exit of key Western suppliers like Midrex, Danieli, and Primetals. The report suggests that redirecting investments from blast furnace relinings to hydrogen-based DRI could stimulate the domestic hydrogen market and align Russian steel with global decarbonization standards.

The report finds that while Southeast Asia has increased its operating utility-scale solar and wind capacity by 20% since January 2023 to 28 GW, the transition is hindered by low construction rates for prospective projects and continued reliance on fossil fuels. Vietnam, the Philippines, and Thailand are regional leaders, but only 3% of the region's 220 GW prospective capacity is currently under construction. Despite these hurdles, the report suggests the ASEAN collective target of 35% renewable energy capacity by 2025 is attainable given existing capacity and pipelines.

China is currently off track to meet its 2025 climate commitments, including targets for carbon and energy intensity and the share of non-fossil fuels. This is driven by a surge in coal power permitting and construction, with 114 GW approved and 70 GW starting construction in 2023. Despite official rhetoric that new coal plants serve a 'supporting' role for grid stability and renewable integration, the report finds this is often a 'smokescreen' for bulk power generation, leading to significant overcapacity and stranded asset risks.

Global gas pipeline construction has increased by 18% over the previous year, with approximately 69,700 km under construction at a cost of US$193.9 billion. Asia accounts for 82% of this construction, led by China and India. Other significant activities include the U.S. expanding export capacity from the Permian Basin and Haynesville Shale, and Argentina developing infrastructure for the Vaca Muerta shale gas reserve.

The briefing reports a global pipeline of 917 mtpa in new LNG export capacity and 705 mtpa in import capacity, representing an estimated US$1 trillion investment. It warns that a wave of new projects coming online by the middle of the decade, primarily in the United States and Qatar, could lead to market saturation and unprofitable stranded assets. The report highlights that while Asia and Europe are the primary developers of import capacity, demand in these regions is uncertain due to decarbonization goals and price sensitivity. It further notes that many projects are already facing delays or cancellations, and that the buildout in the U.S. may conflict with national interests by raising domestic gas prices and increasing emissions.

The 2023 Production Gap Report finds that governments plan to produce more than double the amount of fossil fuels in 2030 consistent with a 1.5°C warming limit. While many major producers have pledged net-zero emissions, most continue to expand production, with global coal production projected to increase until 2030 and oil and gas until at least 2050. The report argues for a managed, equitable phase-out of all fossil fuels, noting that reliance on carbon capture and storage (CCS) and carbon dioxide removal (CDR) is risky due to technical uncertainties and a poor track record of pilot project success.

Global Energy Monitor identifies nearly 2.7 million coal miners worldwide, with the majority in Asia. The report warns that 414,200 jobs could be lost by 2035 and 990,200 by 2050 due to the industry's own 'life of mine' closure schedules, regardless of climate policies. It highlights that current climate pledges cover only 6% of the thermal coal workforce, leaving millions vulnerable. The report emphasizes the need for just transition mechanisms, such as the Just Energy Transition Partnerships (JETPs), and suggests bridging employment through mine reclamation and renewable energy repurposing.

The briefing finds that the global steel industry is not on track for net zero by 2050, as only a third of the top 50 producers have set 2050 targets. It highlights a critical gap in transparency regarding emission scopes and a concerning trend where planned capacity for coal-based blast furnaces significantly outweighs that of low-emissions projects.

The report highlights a significant increase in Indonesia's captive coal power capacity, which grew from 1.4 GW in 2013 to 10.8 GW in 2023. This expansion is primarily driven by the metal industry, particularly nickel and aluminium smelters, as part of a national strategy to increase the added value of natural resources. The authors argue that the government's current energy transition efforts focus too narrowly on the utility grid, ignoring the substantial emissions from captive plants. They recommend that the USD 20 billion Just Energy Transition Partnership (JETP) funding be used to establish a clear retirement pathway for these industrial coal plants to avoid significant health and economic burdens.

The document highlights a surge in 'captive' coal power—plants operated off-grid by industrial users—which grew from 1.4 GW in 2013 to 10.8 GW in 2023. A vast majority of this capacity is dedicated to metal smelting, particularly nickel and aluminium, often justified by policies to increase the 'value add' of natural resources. The report warns that while Indonesia is a key supplier of minerals for the global energy transition, the reliance of these smelters on coal contradicts national climate targets and the goals of the Just Energy Transition Partnership (JETP). It recommends integrating the phase-out of captive coal power into national plans to avoid significant health costs and carbon emissions.