Global coal demand could hit historic peak in 2022

The world's natural gas supply crisis has led to record-high prices globally and has also been a factor in reviving coal demand, IEA reports.
Photo: Wolfgang Rattay/REUTERS / X00227
Photo: Wolfgang Rattay/REUTERS / X00227
BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

Coal power is on its way to make a global comeback this year after a period of economic upturn.

According to the International Energy Agency, this could result in coal demand reaching a historic high next year, reports The Guardian.

The volume of global coal-fired electricity has increased by 9 percent this year after a major surge in fuel demand resulting from a rebounding world economy following pandemic closures and supply crises, the media writes about the IEA report's findings.

Coal power decreased by 4 percent in 2020 when the virus crisis led the world into economic fatigue. However, the agency sees power demand this year growing faster than low-carbon sources, which in turn has resulted in many rich countries becoming increasingly dependent on fossil-fueled thermal plants.

The global natural gas crunch has led to record-high prices around the world and has also been a factor in reviving coal demand, IEA reports.

Global coal demand, the agency states, including that of concrete and steel industries, has increased by a total of 6 percent this year.

Even though the consolidated figure is lower than the record-high levels of demand for the fuel in 2013 and 2014, the IEA warns that without political intervention this peak could be surpassed next year.

This IEA report arrives after November's COP26 climate talks that ended in dramatic disagreement about a pledge to discontinue coal power.

At the 11th hour at the UN climate summit, India successfully intervened and had the phrasing of the agreement diluted from "phase out" to "phase down."

US to stop supporting fossil energy projects abroad 

Scholz vows to defend Ukraine gas exports against Nord Stream 2 

EU energy crunch spurs record number of green PPAs 

Europe’s carbon price has almost tripled in 2021 

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