Global coal consumption is projected to hit a record high in 2024, according to the International Energy Agency (IEA). Demand is expected to surpass 8.9 billion tons this year, marking the third consecutive annual peak. This resurgence follows a dip during the Covid-19 pandemic and coincides with predictions that 2024 could be the hottest year on record, as noted by EU climate monitor Copernicus. China remains the world's largest coal consumer, accounting for over one-third of global demand. Its coal usage is projected to reach a record 4.9 billion tons next year, fueled by rising electricity needs and heavy reliance on coal-fired power plants. Despite significant investments in renewable energy, such as solar and wind, China’s coal consumption remains stubbornly high. Emerging economies like India and Indonesia are also contributing to the surge in coal demand, offsetting declines in developed nations such as the EU and the US.
Asia continues to dominate the global coal trade, with countries like Turkey surpassing the EU in import volumes. Meanwhile, Europe’s coal dependency has declined sharply, reflecting a shift in energy consumption patterns worldwide. The IEA had earlier predicted coal demand would peak in 2023, but this estimate has been revised, with the peak now expected in 2027 due to sustained demand in China. Efforts to phase out coal use face significant challenges, highlighted by the failure of nations to solidify commitments on fossil fuel reduction at COP29 in Azerbaijan. In the US, political developments, including the possible return of Donald Trump to the presidency, raise concerns over climate goals. Trump’s past dismissal of climate change as a "hoax" could hinder global efforts to cut greenhouse gas emissions and accelerate the transition to cleaner energy.
