In its latest annual report, the IEA forecasts global coal demand will remain essentially stable over the next five years, inching up by just over 1 percent between 2017 and 2023.
The forecast adds that coal will provide 25 percent of the world’s energy by 2023, down from 27 percent in 2017.
“In a growing number of countries, the elimination of coal-fired generation is a key climate policy goal. In others, coal remains the preferred source of electricity and is seen as abundant and affordable,” said the IEA, a Paris-based agency that advises developed nations on energy policy.
While developed nations are ditching coal in favor of cleaner-burning gas and renewable energy, India and other emerging markets see fossil fuel as abundant and affordable.
“Miners should brace for another period of sluggish growth”, CNBC says, adding: “The reason for coal’s stagnation remains unchanged from recent years: Developed nations are ditching the fossil fuel, while India and other emerging economies are turning to coal to quickly scale up electric power generation.”
Reuters reports that Israel will stop the use of coal for power by 2030, “joining a host of other countries in an alliance that aims to transition to cleaner sources of energy”.