IEA has recently released a report on global coal consumption. As per which the Global coal use is expected to reach a record high in 2023 as demand in emerging and developing economies remains strong. The demand for coal is seen rising 1.4 percent in 2023, surpassing 8.5 billion tonnes for the first time as usage in India is expected to grow 8 percent and that in China up 5 percent due to rising electricity demand and weak hydropower output. Moreover, a steep upward trend in low-cost solar photovoltaic deployment is expected to aid renewable power generation. “Further to that, nuclear generation is set to see moderate increases, especially in China, India, and the European Union. Against this background, coal-fired generation is likely to be pushed into a downward trajectory from 2024,” the report notes.
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