IEA forecasts global coal usage to reach unprecedented levels in 2023
Date
12/17/2023 4:35:34 AM
(MENAFN) The International Energy Agency (IEA) made a noteworthy announcement today, forecasting that global coal usage is poised to reach unprecedented levels in 2023, driven primarily by robust demand in emerging and developing economies. The agency anticipates a 1.4 percent increase in coal demand, propelling the total consumption to surpass 8.5 billion tons, a historic milestone for the industry. This surge is particularly pronounced in India, with an anticipated 8 percent growth, and China, where a 5 percent uptick is expected. These surges are attributed to escalating electricity demands coupled with a decline in hydropower production.
Conversely, contrasting trends are projected for the European Union and the United States, where reports suggest a significant estimated decline of approximately 20 percent in coal consumption during 2023. This reduction is attributed to a shifting energy landscape and a concerted effort to transition towards cleaner alternatives.
While the IEA's findings indicate a persistent upward trajectory in global coal consumption until 2026, a notable turning point is predicted for that year. A substantial increase in renewable energy production is anticipated to result in a 2.3 percent reduction in coal consumption compared to the peak levels expected in 2023. This signals a pivotal moment in the global energy landscape, reflecting a potential shift towards more sustainable and environmentally friendly energy sources.
In summary, the IEA report paints a nuanced picture of the global coal landscape, highlighting divergent trends across regions. While emerging economies drive the surge in coal demand, developed regions demonstrate a concerted effort to diminish reliance on coal in favor of cleaner energy alternatives, setting the stage for a transformative shift in the coming years.
MENAFN17122023000045015682ID1107610038
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.