Coal developers risk wasting more than $600 billion because it is already cheaper to generate electricity from new renewables than from new coal plants in all major markets.

Coal has long been considered the least-cost option for power generation throughout the world. This narrative is quickly changing as a confluence of factors are disrupting coal’s pre-eminence. Most notably, low-cost renewable energy, which will soon be cheaper to build than to run coal plants.

Policymakers need to stop new investments in coal power immediately and redesign power market regulation to minimise stranded asset risk accelerate the transition to a low carbon economy.