It is predicted that coal demand will decrease within 3 years

The International Energy Agency(IEA)recently stated that with China’s strong promotion of the use of renewable energy,global coal demand may peak in 2023 and decrease by 2.3%in the next three years.This is the first time that the International Energy Agency has predicted that coal demand will decline within three years.

The International Energy Agency predicts that global coal demand will begin to decline in 2024 and will decrease by 2.3%by the end of 2026.

Jensen Huiyou,Director of the Energy Market and Security Department of the International Energy Agency,said that in this prediction,the critical point of coal was clearly at hand.In the past,global coal demand has declined several times,but only in a short period of time,and it was caused by special circumstances such as the disintegration of the Soviet Union and the global pandemic.The situation is different this time.The decline in global coal demand is more structural,driven by the strong and sustained expansion of clean energy technologies.

According to statistics from the International Energy Agency,China will account for more than half of the global renewable energy production capacity in the next three years.In addition,China currently accounts for more than half of the global coal demand.

A new agreement passed at the 28th United Nations Climate Change Conference(COP28)held in Dubai recently called for the first time to eliminate fossil fuels,but some governments may only take minimal action.