World coal consumption i expected to hit a record high in 2024 according to the report by International Energy Agency.
On Wednesday, the IEA released its Coal 2024 report, stating that global coal consumption is projected to reach an all-time high in 2024, surpassing 8.9 billion tons.
The report cites two main reasons for the rise in consumption. First, coal demand decreased during the Covid-19 pandemic but has since rebounded as industries and economies recovered. Second, the need for electricity around the world has been growing rapidly.
Power plants that run on coal are expected to produce more electricity than ever before—10,700 terawatt-hours. Most of this increase comes from countries like China and India, where electricity demand is especially high.
China, the world’s largest coal consumer, is forecasted to see its coal demand grow by 1% to a record-breaking 4.9 billion tons, while India’s consumption is set to rise by over 5%, reaching 1.3 billion tons, a milestone previously achieved only by China. In contrast, coal usage in the United States and the European Union continues to decline, but at a slower pace, falling by 5% and 12%, respectively, in 2024.
The Coal 2024 report points out the need for managing the global energy transition while addressing regional energy demands.
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