In 2022, global coal-fired power generation grew by 1.2% and exceeded the historical maximum of 2013.
World coal consumption reached 8 billion tons per year and according to forecasts International Energy Agency (IEA) will remain at this level until 2025, the new report of Coal 2022 informs.
"Higher natural gas prices amid the global energy crisis have led to an increased reliance on coal for power generation, but slowing economic growth has also led to a reduction in electricity demand and industrial output – and renewable electricity generation has risen to a new record. in the material.
The report explained that the decline in consumption in "mature" markets is compensated by stable high demand in the developing countries of Asia. This means that coal will continue to be the largest single source of carbon dioxide emissions in the global energy system.
The authors also highlighted that in China, which accounts for 53% of coal consumption, a heat wave and drought pushed up coal use in the summer, to meet the spiking demand for electricity for air conditioning.
IEA Director of Energy Markets and Security Keisuke Sadamori noted that such a trend will lead to an increase in global emissions.
"There are many signs that today's crisis is accelerating the adoption of renewable energy sources, energy efficiency and heat pumps - and this will lead to moderate demand for coal in the coming years. Government policy will be key to ensuring safe and sustainable development," he said.
The authors also highlighted that the three largest coal producers in the world – China, India and Indonesia – will reach production records in 2022. However, the report notes that there are no signs of a rapid increase in investment in export coal projects. This shows that investors and mining companies are cautious about the medium and long-term prospects for coal.
According to IEA forecasts, demand for coal in advanced economies will fall in the coming years as renewable energy sources increasingly displace it for power generation.
“However, developing Asian countries are set to increase their use of coal to fuel economic growth, even as they add more renewables. Developments in China, the world's largest coal consumer, will have the biggest impact on global coal demand in the coming years, but India will also be significant," the report said.
Steel expert Hasan Akbulut on LinkedIn called the results of 2022 for the coal industry, as part of the IEA report:
- global coal-fired power generation rises to record levels;
- Europe's switch to coal is temporary;
- global demand for coal will reach a plateau by 2025, but much depends on developments in China;
- the maximum coal production occurred in 2022;
- international coal trade is being restructured as a result of sanctions against Russia;
- market tensions and military action push coal prices to record highs in 2022;
- despite record profits for producers, investment in coal mining assets is low.
Earlier, EcoPolitic wrote, that specialists of the International Energy Agency called for rapid transition from coal generation to alternative energy sources and developed accessible and fair guidelines for governments. After all, emissions from existing coal assets alone will push the world beyond the 1.5°C warming limit.
As EcoPolitic previously reported, in Germany the energy company RWE dismantled one of the wind turbines of the Keienberg Park in the western state of North Rhine-Westphalia to expand the Garzweiler coal mine (open pit).
