Global Coal Consumption Hits Record High In 2023, Likely To Dip Next Year: IEA

The IEA's forecast came after 200 countries at the COP28 UN climate talks adopted a deal stating that the world will be 'transitioning away from fossil fuels' to achieve net-zero emissions by 2050.

The International Energy Agency has said that the global consumption of coal has hit a record high in 2023. According to news agency AFP, the IEA said, it is expected to start declining next year. The IEA's latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the world will be "transitioning away from fossil fuels" to achieve net-zero emissions by 2050 and limit global warming.

Coal is the largest energy-related source of the CO2 emissions responsible along with other greenhouse gases for global warming An increase in the demand for coal was seen this year by 1.4 per cent, surpassing 8.5 billion metric tons for the first time as consumption in India is likely to grow 8% and that in China is seen up 5% due to increase in the demand of electricity and weak hydropower output, the IEA said in its report, as reported by news agency Reuters.

In the European Union and United States, however, the use of coal is set to drop by around 20% each in 2023, the report stated.

The use of coal is not likely to decrease until 2026, when the major expansion of renewable capacity in the next three years should help lower usage by 2.3% compared to levels in 2023, even without stronger clean energy policies, as reported by Reuters. 

The global consumption, however, is likely to stay well over 8 billion metric tons in 2026, the report stated. To reach goals set by the Paris Agreement, the use of unabated coal would need to fall significantly faster, it added.