IEA: Coal set for record highs in 2022 despite net-zero pledges

Credit: Coal India Limited

After COP26 – the real world. In much of the world ‘net zero’ and suchlike so-called climate targets are not a priority, as they strive to increase access to electricity – just like richer countries once did.
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The economic rebound from the pandemic is taking coal power generation to a new record high this year reports OilPrice.com, with global coal demand likely hitting another new high next year, undermining net-zero efforts, the International Energy Agency (IEA) said in its annual Coal 2021 report released on Friday.

According to the agency, the 2020 collapse in coal demand turned out to be smaller than anticipated, as China’s recovery began sooner than expected and turned out to be stronger than initially forecast.

Based on current trends, global coal demand is set to rise to 8025 Mt in 2022, the highest level ever seen, and to remain there through 2024, the IEA estimates.

This year’s global recovery dashed any hopes that coal-fired power generation may have peaked, the IEA said, expecting global coal power generation to rise by 9 percent this year to 10350 terawatt-hours (TWh)—a new all-time high.

Over the next two years, global coal demand could even see new record highs as emerging markets led by China and India will lead consumption growth which is set to outpace declines in developed economies, according to the IEA.

Global coal consumption is not on the Net Zero trajectory and is unlikely to be before 2024, the agency said.

Full report here.

via Tallbloke’s Talkshop

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December 18, 2021 at 08:12AM

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