While China and India are expected to lead investments in coal-fired power generation, Bloomberg predicted lower levels than in previous estimates.
Changes in the Chinese economy, and a move to renewables, mean that coal-fired generation there in 10 years' time will be 1,000TWh, or 21% below the figure predicted in Bloomberg's 2015 New Energy Outlook.
"That makes India the key to the future global emissions trend," the report stated. "Its electricity demand is forecast to grow 3.8 times between 2016 and 2040. Despite investing $611 billion in renewables in the next 24 years, and $115 billion in nuclear, it will continue to rely heavily on coal power stations to meet rising demand."
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