Coal’s importance for the U.S. electricity grid has been shrinking for several decades, from supplying more than 50% of the nation’s electricity in 2000 to only 17% this year. It’s in retreat in Europe as well, but those trends defy a bigger global story, one where coal’s importance is larger than ever.

Despite losing its dominant position here, coal remains the world’s primary fuel for electricity generation. For example, three-quarters of the world’s steel is produced with coal. Hundreds of new coal plants are in the pipeline or are already under construction, mostly in Asia. They are feeding the growing energy appetites of rapidly urbanizing and industrializing nations with expanding middle classes. From Vietnam to Bangladesh, India, and China, coal is the energy foundation upon which these economies are thriving and growing.