Last updated on October 3, 2024
#China #CoalConsumption #GlobalEnergy #FossilFuels #RenewableEnergy #VisualCapitalist #RangeETFs #StatisticalReview
In 2023, the world witnessed a historic high in coal consumption, peaking at 164 exajoules (EJ) of energy, according to a recent study. This reveals a significant reliance on coal despite the global shift towards renewable energy sources. Visual Capitalist’s Alan Kennedy, in collaboration with Range ETFs, delves into this phenomenon, highlighting coal’s enduring dominance in the global energy landscape. The study illustrates not only the current state of coal consumption but also maps out its geographical distribution, emphasizing the Asia Pacific region’s substantial contribution to global figures. This collaboration brings to light the stark reality that, despite ongoing efforts to curb fossil fuel use, coal remains a cornerstone of energy production, particularly in developing economies.
Coal’s role in the global energy mix is more significant than often acknowledged, accounting for 26% of the world’s energy in 2023. This surpasses the combined contribution of all non-fossil fuel sources and is second only to oil in the global energy hierarchy. The breakdown by region presented in the Visual Capitalist report underscores this point, showing a considerable decrease in coal use in North America and Europe by 16% each. However, the Asia Pacific’s heavy reliance has essentially kept global consumption steady over the decade. China, in particular, has ramped up its coal consumption from 88 EJ to nearly 92 EJ, accounting for 56% of the global total and highlighting the country’s pivotal role in shaping global energy trends.
Developing nations are at the heart of the narrative for potential growth in coal consumption due to their expanding infrastructure needs and economic constraints. The Statistical Review of World Energy 2024 points out remarkable increases in coal consumption in countries like Bangladesh and Colombia, with year-over-year jumps of 41% and 53%, respectively. This trend underscores coal’s competitive advantage in terms of accessibility and cost, especially in regions where alternative energy infrastructures are either insufficient or cost-prohibitive. Thus, while global narratives push for a shift towards renewable energy, the practical realities in these developing economies paint a different picture, one where coal’s role cannot be easily dismissed or replaced in the near future.
The enduring significance of coal in the global energy sector raises critical questions about balancing economic development with environmental sustainability. Despite the clear environmental implications, coal’s affordability and the existing infrastructure make it a default choice for many, particularly in the developing world. This dynamic poses significant challenges to global climate goals, requiring innovative approaches to energy production and consumption. As the world continues to grapple with these challenges, the dialogue around coal consumption remains a testament to the complex interplay between economic growth and environmental stewardship, highlighting the need for a more nuanced approach to global energy policy.
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