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In stark contrast to the massive investments in solar, approvals for coal power plants have plummeted. In 2024, China approved just 9 GW of new coal capacity—a staggering 83% decline from previous years. Over the last year, coal power approvals have fallen off a cliff, dropping by nearly 92% during the last quarters of 2023. This rapid decline signals a decisive shift in policy and public sentiment towards cleaner energy sources.
Economic Viability of Coal Power
The economic climate surrounding coal power in China is dire, with reports indicating that around 70% of coal power plants are currently operating at a loss. As renewable energy sources, particularly wind and solar, continue to decline in cost, coal is increasingly seen as an outdated and inefficient option.