Nearly $42 billion (£30.3bn) was invested in coal power plants in 18 countries during a six-year period, between 2013 and 2019.
That’s according to new research by Sustainable Energy for All (SEforALL) and Climate Policy Initiative (CPI), which suggests that governments continue to subsidise additional coal-fired generation capacity in South Asia and Sub-Saharan Africa.
The study shows Bangladesh, India and Pakistan secured the majority of financial commitments to new coal projects.
The authors of the report also note Chinese financial institutions accounted for nearly 40% of the total $42 billion (£30.3bn) investment in coal power.
Olivia Coldrey, Head of Energy Finance and Clean Cooking at SEforALL, said: “We continue to see significant investment in coal-fired power generation in countries with high rates of energy poverty.
“These countries need affordable, reliable and clean energy to support their socio-economic development and to mitigate climate change. Financing new coal projects is inconsistent with these objectives and holds back the energy transition.”