The International Energy Agency (IEA) reports a surge in global coal demand, driven primarily by Asia's energy needs. China and India are key contributors to this trend, with China's demand reaching a record high and India surpassing EU and US consumption.
The world is set to use more coal than ever before this year, due to high demand in Asia, despite warnings about the harm of burning fossil fuels. Global demand for the fossil fuel is expected to reach a record 8.77 billion tonnes in 2024, and stay near that level for the next three years, according to the International Energy Agency (IEA).
Growth in renewables is forecast to drive down coal use in the longer term, but this year its impact will be more than offset by strong demand for the carbon-heavy resource in the two Asian giants. China, the world's largest coal consumer, is likely to see a 1% growth in demand in 2024, reaching 4.9 billion tonnes, nearly a third higher than the rest of the world combined. The country is set to import 500 million tonnes, more than double the previous record. One in every three tonnes of coal used worldwide is burned at a power plant in China to meet its enormous electricity demand. India is also expected to consume more coal than the EU and the US combined, as demand in the Asian nation rises by more than 5% to 1.3 billion tonnes, a level previously only reached by China. Elsewhere, coal has dropped to 35% of the global power mix, its lowest level, as strong growth in renewable power supply helps countries meet growing energy demand. China's reliance on coal should contract in the coming years as it accelerates wind and solar development and advances the construction of nuclear power plants. Electricity usage is also expected to grow in 2025 due to factors like the electrification of transport and heating, rising demand for cooling, and increasing consumption from emerging sectors such as data centres.
COAL DEMAND ASIAN GROWTH RENEWABLES ENERGY CRISIS
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