In 2024, we should not hope for a decrease in global coal production, as it is stimulated by China and India, which this year will account for ⅔ in global consumption of this fuel.
This forecast figure is given by the world's largest commodity trading club (CTC) commodity community on LinkedIn.
Analysts say coal is the largest source of fuel for electricity generation in the world and the largest source of SO2 energy emissions. They attribute this to the fact that low-carbon sources do not keep pace with global demand for electricity, so coal fills this gap.
According to the forecast, half of world coal production will be in China. The second largest producer in 2024 will be India – 12% of world production. In third place is Indonesia with an indicator of 7%. The fourth place was shared by the USA and Australia – 6% of world production. In fifth place Russia, which is forecast to produce 5%. Behind it is a bloc of EU countries with 3% of production. According to forecasts, the remaining countries will produce 11% of coal in 2024.
Source: linkedin.com/company/commodity-trading-club.
The authors of the forecast recalled that at the COP26 UN climate change conference, 40 countries promised to stop issuing permits and direct state support for new coal-fired power plants. But the USA, Russia, China, India and Australia did not join this promise.
The researchers also provided data on changes in coal production in 2021-2024. They record a decrease in the volume of this fossil fuel only in the USA, Indonesia and the EU. Moreover, the countries of the European Union will achieve the greatest progress, reducing production by 82 Mt.
And India, on the contrary, will demonstrate the greatest increase in production, which will increase by 20.4%. This is equivalent to 162 Mt of coal.
As Ecopolitic wrote earlier, according to the forecast of the International Energy Agency, global demand for coal in 2025 as well will remain record high.
