According to S&P Global Ratings latest analysis, high dependence on fossil fuels (above 60% of the generation mix) and growing demand will keep coal relevant in Asia Pacific markets such as China and India for the next one to three decades. China may underpromise and over-deliver on renewables targets; India may over-promise and under-deliver.

Further, renewables will continue to increase their share rising to over 40% of generation mix by 2040. 2030 seems to be the key inflection point, when most markets will stop adding new coal plants.

Read the full presentation by S&P by clicking here