Following the record-breaking year in 2022, the coal value chain continues to plan, build, and open new mines. Global Energy Monitor’s (GEM) Global Coal Mine Tracker, a public registry of the world’s major coal mines and projects, has documented 398 coal mine projects and 1800 million tons (Mt) of new mining capacity under consideration. These insights come amid favourable forecasts that high coal prices could persist until 2026.
- Hundreds of coal projects in planning: 398 coal mine projects and 1800 Mt of mine capacity are under consideration worldwide.
- China and India dominate new mining activity: China (657 Mtpa]; and India (558 Mtpa) account for two-thirds of projects in planning.
- Most projects in the early stages of planning: Globally, 54% of mining capacity is in the early stages of planning (990 Mtpa).
- Globally, state-owned enterprises control 51% of new coal mining projects and rely on public funding and subsidies.
- In the rest of the world, small and independent firms have shown greater interest in mine developments than multinationals. So far in 2023, almost 1000 Mt of proposed capacity falls under this category. The global coal mining survey indicates that coal-dependent nations continue to expand and develop their coal operations for the foreseeable future to ensure energy security.
Coal-favouring countries like India, China, Japan, South Africa, and the ASEAN region view coal for the long term. These nations continue to invest substantially in upgrading existing coal plants and mines with the latest technology. This strategy underscores their perspective on coal as a valuable resource that aligns with their climate ambitions.