The IEA has made clear that in order to meet the world’s climate targets, one of the most important steps is to stop building more coal power plants.  

The good news is that we have passed a critical turning point: the cost of electricity from renewable energy technologies has fallen dramatically, so that today, solar PV and wind are the cheapest options for new generation in almost all countries in the world. New coal power plants can no longer compete. 

Clean energy projects also bring more economic and social benefits than new coal power plants. They create significant new business and employment opportunities, revitalize local economies, improve energy access, foster innovation, and enhance countries’ global competitiveness. Countries that develop robust clean energy systems will strengthen their competitiveness as manufacturing and technology hubs, as major companies commit to decarbonising their operations and supply chains.  

As a result, countries, utilities and financial institutions are increasingly recognising the risks associated with coal investments and turning their backs on new coal power plants. The last decade has seen the collapse of the global coal power pipeline, which has declined by nearly 60%. 

To seize the many opportunities of renewable energy technologies and avoid the increasing risks of new coal power, it’s critical for countries to adopt a firm stance on No New Coal. Long-term targets and clear, stable policies, including a commitment to No New Coal, are essential for attracting investments in the clean energy transition. 

Supporters: This Call to Action is supported by several investor groups and business organisations, who underline that commitments to No New Coal are essential to give investors the policy certainty needed to spur them to finance the transition.