Experts predict that global coal consumption will reach a record high of 8.7 billion tonnes in 2024 and will remain high for several years. The reason for this is the Russian-Ukrainian war, which has led to a global gas crisis.

According to the International Energy Agency (IEA), since Russia’s full-scale invasion of Ukraine, gas prices have risen worldwide. Consequently, coal production and trade have increased, and coal-fired power generation has reached a record level. The recovery in coal demand means that fossil fuel consumption could reach a new peak of 8.77 billion tonnes by the end of the year and remain high until 2027.

The IEA attributes the growth in coal demand to power plants, particularly in China, which uses 30% more of the harmful fuel than other countries. The IEA predicts that in developed countries such as the US and EU, coal-fired power generation has already peaked and is expected to fall by 5% and 12%, respectively, this year. In China, coal demand is expected to grow by 1% this year, reaching 4.9 billion tonnes, another record high. In India, demand is expected to grow by more than 5% to 1.3 billion tonnes. At the same time, the IEA expects coal demand to decline due to the development of renewable energy sources, with any surge in electricity use stabilising by 2027.

Recall that the last coal-fired power plant in the UK has ceased operation

Source: https://mis.dp.ua