Global fossil fuel consumption rose to record levels not seen in almost 10 years, new data shows.
The International Energy Agency (IEA) recently confirmed coal demand rose to the previous annual record set in 2013, and is not showing any signs of slowing down.
“Based on current economic and market trends global coal consumption is forecast to rise by 0.7 per cent in 2022 to 8 billion tonnes, assuming the Chinese economy recovers as expected in the second half of the year,” the IEA’s latest coal market update said.
“This global total would match the annual record set in 2013 and coal demand is likely to increase further next year to a new, all-time high.”
This trend is expected to continue despite a slowing global economy, mainland Chinese lockdowns, and the Russia-Ukraine conflict.
“Coal remains a key fuel for electricity generation and a range of industrial processes,” the agency said.
“With other coal producers facing constraints in replacing Russian output, prices on coal futures markets indicate that tight market conditions are expected to continue well into next year and beyond.”
Click here to read the full report.
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