IEA has reported their latest analysis and forecast on the coal sector for the years 2019-2024, and their assessment has some sobering takeaways. They find that although coal use has declined in the US and Europe, increases elsewhere have kept global demand on a slight increasing trend.
Looking towards future, they write:
“Over the next five years, global coal demand is forecast to remain stable, supported by the resilient Chinese market, which accounts for half of global consumption. But the report notes that this stability could be undermined by stronger climate policies from governments, lower natural gas prices or developments in the People’s Republic of China.”
The current stability of coal, despite international efforts, shows that stronger climate policies are imperative if we are to stop the climate crisis. That must include a massively increased wave of investment in clean technology driven by green banks and a National Climate Bank.