The International Energy Agency’s latest report forecasts a decline in global coal demand by 2026, marking a potential turning point in global energy consumption.
“Coal 2023” sees global demand for coal rising by 1.4% in 2023, surpassing 8.5 billion tonnes for the first time. But this is the first time that the IEA’s coal report has predicted a drop in global coal consumption over its forecast period.
The report highlights stark regional differences, with the EU and US experiencing record drops in coal use of around 20% each. Demand in Asia, meanwhile, remains strong, increasing by 8% in India and by 5% in China in 2023 due to rising demand for electricity and weak hydropower output.
The IEA expects global coal demand to fall by 2.3% by 2026 compared with 2023 levels, even in the absence of governments announcing and implementing stronger…