Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Business > China, India, other big coal users missing from COP26 phase-out deal
    Business

    China, India, other big coal users missing from COP26 phase-out deal

    Published by maria gbaf

    Posted on November 5, 2021

    5 min read

    Last updated: January 28, 2026

    This image illustrates the significant market value loss of Siemens Energy and Siemens Gamesa following a profit warning, highlighting challenges in the wind turbine industry amid rising costs.
    Siemens Energy faces $5 billion loss due to Siemens Gamesa profit warning - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Quick Summary

    At COP26, 23 nations pledged to phase out coal, but major users like China and India did not join, impacting climate goals.

    China, India Absent from COP26 Coal Phase-Out Agreement

    By Kate Abnett and Elizabeth Piper

    GLASGOW (Reuters) -Indonesia, Poland, Vietnam and other nations pledged on Thursday to phase out use of coal-fired power and stop building plants, but their deal at the COP26 climate summit failed to win support from China, India and other top coal consumers.

    Britain has said one of its main aims for the United Nations summit is “consigning coal power to history”. The deal saw 23 nations making new commitments, a move the president of the COP26 summit https://www.reuters.com/business/cop, Alok Sharma, said put the end of coal “in sight”.

    “Today I think we can say that the end of coal is in sight,” Sharma told the Glasgow meeting.

    Sharma told a news conference it had been a personal priority as COP26 president to consign coal to history and “I think you can say with confidence that coal is no longer king”.

    Still, some of the biggest coal-dependent nations were notable in their absence from the pledge to consign the most polluting fossil fuel to history.

    China was responsible for about 54.3% of global coal consumption in 2020, while India used 11.6%, according to BP’s 2021 world energy statistical review. The United States, which also did not join the pledge, consumed 6.1%, the review showed.

    Greenhouse gas emissions from burning coal are the single biggest contributor to climate change, and weaning the world off coal is considered vital to achieving global climate targets.

    Signatories of the COP26 agreement agreed to phase out coal-fuelled power generation in the 2030s in richer countries, and the 2040s for poorer nations. A majority also committed to shun investment in new coal plants at home and abroad.

    The line-up and pledges of countries kept changing right up until the deal was announced. The absence of China, India and Australia threw a shadow over the attempt to win global backing.

    A U.S. official said President Joe Biden’s plan to decarbonize the power grid by 2035 will lessen coal dependency, as will legislation on infrastructure and social spending that Congress is haggling over.

    “I think we’re going to soon have a set of bills which will have $800 billion in clean energy and climate programs that are really going to drive transformation in the United States, and that is what we are focused on,” a senior U.S. Department of Energy official told reporters.

    U.S. Senator Joe Manchin, a Democrat from the coal-producing state of West Virginia and the founder and partial owner of a coal brokerage, has opposed some climate measures https://www.reuters.com/world/us/democratic-senator-manchin-upends-bidens-hope-reshape-economy-2021-10-27 in the legislation.

    UNEVEN TRANSITION

    Some experts said the deal was a step forward. It came alongside an announcement by the Powering Past Coal Alliance, an international campaign, which said it secured 28 new members, including Ukraine, to pledge to quit coal.

    Antony Froggatt, deputy director for the environment and society programme at London’s Chatham House think tank, said the announcements were “notable for what is absent as much as what is new”.

    “It highlights how uneven the transition to cleaner energy is across the globe,” he said.

    The commitments are not binding, and some signatories have said they will not be able to phase out coal without financial help from other countries.

    “We need to have funding to retire coal earlier and to build the new capacity of renewable energy,” Indonesian finance minister Sri Mulyani Indrawati told Reuters on Wednesday.

    The COP26 summit has so far delivered roughly $20 billion in funding to help countries phase out coal, said Britain, which hopes the summit in Glasgow will produce enough commitments to keep within reach the target of limiting the global temperature rise to 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels. That would require the world to reach net-zero carbon emissions by 2050.

    Britain has largely eliminated coal from power generation, but has yet to decide on proposals for a new coal mine in Cumbria, northwest England, intended to extract coking used for steel production.

    The COP26 deal covers coal-fuelled power generation, but not its use in industrial manufacturing.

    The COP26 summit has so far yielded deals on coal, deforestation and methane, but a clear picture has yet to emerge on what these voluntary initiatives would add up to in terms of moderating temperature rises.

    A Polish government spokesman said the country’s commitment would see it end coal use in the 2040s. Poland had previously agreed to stop mining coal by 2049.

    Campaigners called for an earlier end-date and firm policies to make sure Poland delivered. “Poland must set a clear and concrete plan to phase out coal by 2030 at the latest,” Joanna Flisowska of Greenpeace Poland said.

    Britain said it hoped the coal deal, with its initial signatories, would spur others such as China and India to join.

    (Reporting by Kate Abnett in Brussels, Elizabeth Piper and Simon Jessop in Glasgow; additional reporting by Susanna Twidale in London and Timothy Gardner in Washington; Editing by David Gregorio, Barbara Lewis and Giles Elgood)

    Key Takeaways

    • •COP26 summit aims to phase out coal use.
    • •China and India did not join the coal phase-out pledge.
    • •23 nations committed to ending coal power.
    • •The U.S. plans to decarbonize its power grid by 2035.
    • •Financial aid is needed for some countries to transition.

    Frequently Asked Questions about China, India, other big coal users missing from COP26 phase-out deal

    1What is the main topic?

    The article discusses the COP26 summit's coal phase-out deal and the absence of major coal users like China and India.

    2Why is coal phase-out important?

    Coal phase-out is crucial for reducing greenhouse gas emissions, which are the largest contributors to climate change.

    3Which countries pledged to phase out coal?

    Countries like Indonesia, Poland, and Vietnam pledged to phase out coal at the COP26 summit.

    More from Business

    Explore more articles in the Business category

    Image for Empire Lending helps SMEs secure capital faster, without bank delays
    Empire Lending helps SMEs secure capital faster, without bank delays
    Image for Why Leen Kawas is Prioritizing Strategic Leadership at Propel Bio Partners
    Why Leen Kawas is Prioritizing Strategic Leadership at Propel Bio Partners
    Image for How Commercial Lending Software Platforms Are Structured and Utilized
    How Commercial Lending Software Platforms Are Structured and Utilized
    Image for Oil Traders vs. Tech Startups: Surprising Lessons from Two High-Stakes Worlds | Said Addi
    Oil Traders vs. Tech Startups: Surprising Lessons from Two High-Stakes Worlds | Said Addi
    Image for Why More Mortgage Brokers Are Choosing to Join a Network
    Why More Mortgage Brokers Are Choosing to Join a Network
    Image for From Recession Survivor to Industry Pioneer: Ed Lewis's Data Revolution
    From Recession Survivor to Industry Pioneer: Ed Lewis's Data Revolution
    Image for From Optometry to Soul Vision: The Doctor Helping Entrepreneurs Lead With Purpose
    From Optometry to Soul Vision: The Doctor Helping Entrepreneurs Lead With Purpose
    Image for Global Rankings Revealed: Top PMO Certifications Worldwide
    Global Rankings Revealed: Top PMO Certifications Worldwide
    Image for World Premiere of Midnight in the War Room to be Hosted at Black Hat Vegas
    World Premiere of Midnight in the War Room to be Hosted at Black Hat Vegas
    Image for Role of Personal Accident Cover in 2-Wheeler Insurance for Owners and Riders
    Role of Personal Accident Cover in 2-Wheeler Insurance for Owners and Riders
    Image for The Young Rich Lister Who Also Teaches: How Aaron Sansoni Built a Brand Around Execution
    The Young Rich Lister Who Also Teaches: How Aaron Sansoni Built a Brand Around Execution
    Image for Q3 2025 Priority Leadership: Tom Priore and Tim O'Leary Balance Near-Term Challenges with Long-Term Strategic Wins
    Q3 2025 Priority Leadership: Tom Priore and Tim O'Leary Balance Near-Term Challenges with Long-Term Strategic Wins
    View All Business Posts
    Previous Business PostU.S. job growth regains momentum; worker shortages persist
    Next Business PostFrance’s Axa launches $2 billion share buyback, plans another in 2022