Record-breaking global coal demand projected for 2023
The International Energy Agency (IEA) predicts that global coal use will reach a record high in 2023, driven by strong demand in emerging and developing economies such as India and China. Coal consumption in India is expected to grow by 8%, while China's usage is projected to increase by 5% due to rising electricity demand and weak hydropower output. However, coal use is set to decline by around 20% in the European Union and the United States. The IEA suggests that coal consumption will not start to decline until 2026, when the expansion of renewable energy capacity is expected to help lower usage. To meet the goals of the Paris Agreement, the use of unabated coal would need to decrease at a faster rate. China's renewable energy expansion is expected to cause coal demand to fall in 2024 and plateau through 2026. China, India, and Southeast Asia are expected to account for three-quarters of global coal consumption this year, with consumption in Southeast Asia surpassing that of the US and EU in 2023.
