Investments in coal plants down

Worldwide investments in coal-based power generation fell to their lowest level in 14 years, but the number of such generators continued to increase in Southeast Asia, according to the International Energy Agency (IEA.)

The IEA said in a statement this happened amid a drive to meet soaring demand for electricity using renewable energy platforms as well as nuclear power.

Citing findings of its World Energy Investment 2019 report, the Paris-based agency said global outlay in the power sector decreased by 1 percent in 2018.

For coal-fired power alone, investments went down by “nearly 3 percent” to less than $60 billion, the lowest level since 2004. This was attributed mainly due to lower spending in China and India.

Final investment decisions for new coal-fired plants declined to their lowest level this century—going down 30 percent in 2018 to 22 gigawatts.

“Nevertheless, the global coal power fleet continued to grow, due to net additions in developing Asian countries,” the IEA said.

“(Investment in coal plants) was still higher than the levels projected in IEA scenarios, with the largest differences found in Asia, particularly in China, India, and Southeast Asia,” the group added.

In the Philippines, data from the Department of Energy show that coal continued to be a dominant resource for electricity, representing 35 percent of the country’s power generation mix at about 8,000 megawatts.

There are several coal-fired plants in the pipeline but many have not progressed due to cases filed in court and long-pending regulatory applications.

“Without carbon capture technology or incentives for earlier retirements, coal power and the high (carbon dioxide) emissions it produces would remain part of the global energy system for many years to come,” the IEA said.

“At the same time, to meet sustainability goals, investment in energy efficiency would need to accelerate while spending on renewable power doubles by 2030,” the IEA added.