Over the next five years demand for coal will continue to rise, reaching a record breaking 9 billion tonnes by 2019, according to a new report. During this period, China will still not see ‘peak coal’, it adds.
The report – Medium-Term Coal Market Report 2014 – has been produced by the International Energy Agency (IEA). The organisation calls for more investment in high-efficiency coal-fired power plants, especially in emerging economies that could drive demand in the future.
The Carbon Tracker Initiative has previously warned investors that the coal industry could suffer a slump in demand in the medium term as environmental regulation comes in. Separate research from the organisation also labelled thermal coal investments as a “high risk strategy”, arguing that China’s peak demand for coal could happen as soon as 2015.
However, the latest research from the IEA suggests that the slump in demand for coal is still some way off. The report noted that despite China’s efforts to move to cleaner alternative energy sources, the country will still account for 60% of demand growth during the outlook period.
Whilst demand for coal is slowing it is still expected to grow at an average rate of 2.1% each year through to 2019, compared to the 3.3% growth rate seen between 2010 and 2013.
IEA executive director, Maria van der Hoeven said, “We have heard many pledges and policies aimed at mitigating climate change, but over the next five years they will mostly fail to arrest the growth in coal demand.
“Although the contribution that coal makes to energy security and access to energy is undeniable, I must emphasise once again that coal use in its current form is simply unsustainable. For this to change, we need to radically accelerate deployment of carbon capture and sequestration.”
Whilst European countries and the US are cutting coal use, demand from other regions is offsetting the declines. China is expected to be joined by India and other Association of Southeast Asia Nations, which includes Indonesia, Thailand and the Philippines, as the main engines of growth in coal consumption, suggesting that cuts to coal use needs to be far more widespread and encouraged in Asia in particular.
Photo: jonasclemens via Flickr
Like our Facebook Page
REPT BATTERO Makes Breakthrough in Future of Eco-Friendly Batteries
Harnessing the Sun: The Far-reaching Benefits of Solar Panels
7 Benefits of Purchasing Sustainable Housing
Our Top Five Sustainable Home Renovations For 2023
6 Ways Eco-Friendly Photographers Can Take Beautiful Natural Pictures
Emerging Research In Seagrass Restoration: What Does The Future Hold?
Sustainable Bites: How To Make Your Diet Eco-Friendly
Coffee Farms & Cloud Forests: Colombia’s New Eco Initiatives
Electric Cars: Are They Worth The Switch?
Maximizing the Efficiency of Deliveries: Strategies for Sustainable Businesses
The Future of Sustainability In The Logistics Industry
Eight Different Eco-Friendly Developments in the Food Industry
5 Key Areas to Look at When It Comes to Business Sustainability
Holding Eco-Friendly Coins is Greener and More Profitable
Addressing Leadership Challenges in Green Entrepreneurship
5 Reasons That Diamonds Can Be Excellent Green Investments
Why Should We Invest in Eco-Friendly Homes?
The Rise of Sustainable Cloud Computing
Navigating Towards A Greener Future: Sustainable Practices In Maritime
Eco- Friendly Homes Integrating Environmental Consciousness into Modern Real Estate
- Features3 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment7 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment11 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?
- Business10 months ago
The Pulp & Paper Industry is Reaching its Sustainability Goals