The roughly 2,500 coal power plants operating across Eastern Europe and the Global South (except China) represent one of the largest energy transition opportunities in the world today. Plants in India alone have 250 gigawatts (GW) of coal capacity that emit one billion metric tons of CO₂ equivalent (CO₂e) each year. With an average age of just 18 years – well short of the 30-to-50-year lifespans typical in the sector – these facilities are far from retirement. Plants in Southeast Asia contribute substantially as well: 124GW of capacity, 664 million metric tons of CO₂e annually, and an average plant age of only 14 years.

While we estimate the cost of transitioning each of these plants at 3.7 trillion USD, our focus is more targeted: identifying plants where restructuring long-term energy supply contracts, or Power Purchase Agreements (PPAs), can open the door to cleaner energy while delivering measurable returns for operators, shareholders, governments, and the public.