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Global coal demand will reach 8.025 billion tons in 2022, a record high!?
Recently, the International Energy Agency (IEA) predicted in its 2021 Coal Report that global coal demand is expected to reach 8.025 billion tons in 2022, driven by coal consumption in China, India and Southeast Asia, which will exceed the record in 2013 and be the highest level in history. Moreover, global coal consumption is expected to continue to rise to a new record of 8.031 billion tons in 2024.
Recently, the International Energy Agency (IEA) predicted in its 2021 Coal Report that global coal demand is expected to reach 8.025 billion tons in 2022, driven by coal consumption in China, India and Southeast Asia, which will exceed the record in 2013 and be the highest level in history. Moreover, global coal consumption is expected to continue to rise to a new record of 8.031 billion tons in 2024.
The report predicts that China's coal consumption will grow at an average annual rate of less than 1% between 2022 and 2024, with a cumulative increase of 0.135 billion tons during the period. India's coal demand is growing by 4% per year, with demand increasing by 0.13 billion tonnes between 2021 and 2024. At the same time, global coal production will reach a record high of 8.111 billion tons in 2022, with India, China, Russia and Pakistan experiencing the largest increases. In 2024, global coal supply is expected to increase by 0.125 billion tonnes to 8.014 billion tonnes. In response to the shortage of coal supply, large coal-producing countries such as India, Russia and Pakistan are expected to expand production.
Talking about the counter-trend growth of global coal-fired power generation in 2021, the International Energy Agency said that due to the global economic slowdown caused by the outbreak of new crown pneumonia, coal-fired power generation showed a downward trend in 2020, while the growth of electricity demand this year exceeded the supply capacity of low-carbon energy, causing many rich countries to rely more on fossil fuel power generation. The power generation of coal-fired power plants soared by 9% this year, compared with 4% last year.
In addition, the report also analyzed that the global natural gas supply crunch this year has led to a record high natural gas prices around the world, which has also promoted the growth of coal demand. As analyzed by the U.S. Energy Information Administration in its latest short-term Energy Outlook report, due to the sharp rise in natural gas prices and the relative stability of coal prices, the power generation of coal-fired power plants in the United States in 2021 will increase by 22% over 2020, and will be the first year since 2014.
The reporter also noted that in the last part of the report, the International Energy Agency also issued a warning: if there is no policy intervention of various countries, the global demand for coal is likely to reach a new historical high next year.
Source: Mining Exchange
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