A significant global agreement to end the use of coal has been announced at COP26, signed by over 40 countries, including Poland, Indonesia, and Vietnam. However, the pact does not include key coal-consuming nations such as China, India, Australia, and the United States.
Developed countries have committed to phasing out coal in the 2030s, slightly later than the original target of 2030. Developing countries have agreed to transition away from coal in the 2040s, also slightly later than the initial goal of 2040. Both commitments come with the caveat "or as soon as possible thereafter."
Notably, the United States, the world's largest consumer of coal, did not sign the agreement. Despite the Biden administration's commitment to achieving carbon-free electricity by 2035, it is speculated that President Biden is avoiding taking a clear stance on coal at COP26 while negotiations over his infrastructure and budget bills, totalling $1.2 trillion and $1.75 trillion, respectively, continue.
The agreement called the "Global Coal to Clean Power Transition Statement," includes more than 20 countries making their first pledges to phase out coal or cease investing in new coal-fired power plants domestically and internationally. The UK government anticipates that this initiative will lead to the closure of a total of 40 gigawatts (GW) of coal power plants. The focus is primarily on unabated coal power plants that lack carbon capture and storage (CCS) technology. Additionally, approximately $20 billion in funding has been announced to assist countries in their transition away from coal.
