China and India Lead in New Coal Plant Approvals Amid Global Clean Energy Surge

China and India have approved the largest capacity of new coal-fired power plants in a decade, with China authorizing nearly 100 GW and India 15 GW in 2024, according to the International Energy Agency (IEA). This pushes global approvals to their highest since 2015, driven by the two nations' focus on energy security.

Despite the coal expansion, utilization rates in China have dropped, with plants mainly reserved for peak demand situations. Coal investment continues to grow, with a 4% increase expected in 2025, largely driven by domestic needs in China and India.

Global energy investment will reach $3.3 trillion in 2025, with $2.2 trillion directed to clean energy sources—twice the $1.1 trillion for fossil fuels. Electricity sector investment alone is projected at $1.5 trillion, fueled by demand from industry, electric vehicles, cooling, and AI-related growth.