A new historical high. This year, demand for coal will reach a record high — Roman Bilousov
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The International Energy Agency (IEA) expects global coal demand to reach a new historic high in 2023 — about 8,536 million tons, which is 1.4% more than in 2022, says Roman Bilousov from Evenor Energy SA about agency report.
In absolute terms, demand for coal in 2023 is estimated to grow the most in China (by 220 million tons, or 4.9%); India (by 98 million tons, or by 8%) and Indonesia (by 23 million tons, or by 11%).
The largest reductions are expected in the European Union (by 107 Mt, or 23%) and the United States (by 95 Mt, or 21%), mainly due to the electricity sector, as well as weak industrial activity.
In the forecast period of the agency until 2026, it is assumed that, starting from 2024, there will be a tendency to decrease the global demand for coal. With growth in India and ASEAN offsetting declines in the EU and the US, China remains a crucial player shaping global coal demand.
At the same time, higher rates of growth in renewable energy than overall growth in electricity demand are likely to push global coal consumption on a downward trajectory. This would mean that peak demand for coal is likely to occur in 2023.
Pylyp Travkin writes and publishes his articles for free, only for the sake of the development and prosperity of Ukraine!
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