[Report] International Energy Agency: Global coal consumption will reach 8.77 billion tons in 2024, a record high

The report also said that coal consumption in different regions of the world is showing an uneven trend.Coal consumption in advanced economies continues to decline, but coal consumption in emerging economies such as China, India, and Indonesia continues to grow.India's coal consumption is expected to increase by more than 5% to 1.3 billion tons in 2024, surpassing the European Union and the United States combined.This year, the coal consumption of the European Union and the United States is expected to decrease by 12% and 5%, respectively, while last year's coal consumption decreased by 23% and 17%, respectively, and the decline in coal consumption is showing a decreasing trend. The report is concerned that while global coal consumption has hit a record high, global coal production has also hit a record high and exceeded 9 billion tons for the first time.Among them, the coal production of China, India and Indonesia all broke national records.Judging from global coal trade data, the current international coal price is 50% higher than the average from 2017 to 2019.The global coal trade volume will reach 1.55 billion tons this year, also a record high.Asia is a global coal trade hub. Asian countries including China, India, Japan, South Korea and Vietnam are the world's largest coal importers, while the world's largest coal exporters are Indonesia and Australia. The report said that at a time when coal demand is expected to jump, its current share of the global power structure has fallen to the lowest level of 35%, because the strong growth of renewable energy supply helps countries meet their energy needs. Coal is the fossil fuel with the highest carbon intensity.At a time when global coal consumption has reached a new high, this year is also likely to break last year's record and once again become the hottest year on record in the world.Earlier this month, the European Copernicus Climate Change Agency announced that based on temperature data for the first 11 months of this year, it is “basically certain” that 2024 will be the hottest year since records began in 1850. In view of the high coal consumption in Asia, the Association of Energy Transformation Engineers, which provides independent advice to the Secretary-General of the United Nations, released a report last month that 78% of the installed capacity of global coal power plants is concentrated in Asia.The report calls for actively promoting Asia's energy transformation from both policy and technology aspects.Sadamori, director of energy market security at the International Energy Agency, said that 2/3 of the world's coal is used for power generation. With the accelerated development of clean energy technologies, although global electricity consumption is increasing rapidly, global coal consumption is expected to reach a high point by 2027.

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