PARIS: World coal consumption should start declining in 2024 after peaking this year, the International Energy Agency (IEA) said Friday.
The IEA’s latest forecast came after about 200 nations at the COP28 UN climate talks reached an agreement stating that the world will be “transitioning away from fossil fuels” to achieve net-zero emissions target by 2050 and limit global warming.
Coal is the largest energy source of the CO2 emissions causing, along with other greenhouse gases, global warming.
Experts say the Earth has already warmed by 1.2 degrees Celsius above pre-industrial levels and 2023 could be the hottest year on record as droughts, storms, and deadly wildfires expand around the world.
Consumption of the dirtiest fossil fuel rose by 1.4% in 2023 to a record 8.5 billion tonnes, as increases in China, India and Indonesia outweighed sharply falling demand in the United States and Europe, the IEA said.
We expect to see a trend emerging of declining globally coal demand, starting next year, the Paris-based agency said, as renewable power generation from wind and solar continues to expand.
According to the IEA, consumption in China alone grew by 220 million tonnes or 4.9% in 2023, while in India it grew 8% and in Indonesia by 11%, AFP reported.
Coal consumption data
Elsewhere, consumption fell 23% or by 107 million tonnes in Europe, while in the US it dropped 95 million tonnes or by 21%, largely due to weakening industrial activity and an ongoing shift away from coal-fired generation towards renewables.
The IEA said it was difficult to forecast demand in Russia, currently the 4th-largest coal consumer, because of the ongoing conflict in Ukraine.
