Despite declining coal use in developed nations, global demand for coal is expected to reach new heights due to a gas crisis fueled by the Russia-Ukraine war.
The world\u2019s coal use is expected to reach a fresh high of 8.7bn tonnes this year, and remain at near-record levels for years as a result of a global gas crisis triggered by Russia\u2019s invasion of Ukraine. There has been record production and trade of coal and power generation from coal since Russia\u2019s full-scale invasion of Ukraine inflated global gas market prices, according to the International Energy Agency (IEA).
The IEA said the coal rebound, after a slump during the global Covid pandemic, means consumption of the fossil fuel is now on track to rise to a new peak of 8.77bn tonnes by the end of the year – and could remain at near-record levels until 2027.In developed economies such as the US and the European Union coal power generation has already passed its peak, the IEA said, and is forecast to fall by 5% and 12% respectively this year.Coal demand in China is expected to grow by 1% in 2024 to reach 4.9bn tonnes, which is another record, according to the IEA. India is expected to see demand grow by more than 5% to 1.3bn tonnes, a level previously reached only by China. The IEA said that the forecast boom in renewable energy over the coming years is expected to keep a cap on coal use for the next three years, even as demand for electricity is expected to surge in developing countries, before demand for the fossil fuel begins to fall by the end of the decade, the report said. Keisuke Sadamori, the IEA\u2019s director of energy markets and security, said: \u201cThe rapid deployment of clean energy technologies is reshaping the global electricity sector, which accounts for two-thirds of the world\u2019s coal use. As a result, our models show global demand for coal plateauing through 2027 even as electricity consumption rises sharply.\u201d \u201cHowever, weather factors – particularly in China, the world\u2019s largest coal consumer – will have a major impact on short-term trends for coal demand. The speed at which electricity demand grows will also be very important over the medium term,\u201d he added
COAL ENERGY CRISIS RUSSIA-UKRAINE WAR RENEWABLE ENERGY GLOBAL DEMAND
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