① According to research by energy consulting firm Rystad Energy, global coal power generation is expected to peak this year as renewable energy replaces the “dirtiest” fossil fuels; ② A report released by the agency on Monday shows that in 2023, global coal-fired power generation will be about 10,373 terawatt-hours, and will drop to 10,332 terawatt-hours next year.
Financial News Agency, December 5 (Editor Bian Chun) Over the past few decades, coal, the most polluting fossil fuel, has dominated the global power industry, but one study shows that with the increasing popularity of solar and wind power, 2024 will mark the beginning of a decline in coal power generation.
In recent years, investment in coal production capacity and overall usage in Europe and North America has declined due to factors such as strict emission policies. However, the continued increase in coal usage in Asian countries has kept global coal consumption strong.
According to research by energy consulting firm Rystad Energy, global coal power generation is expected to peak this year as renewable energy replaces the “dirtiest” fossil fuels.
According to a report released by the agency on Monday, global coal-fired power generation will be about 10,373 terawatt-hours in 2023, and will drop to 10,332 terawatt-hours next year.
As coal-fired power generation declines, so will associated carbon dioxide emissions. As coal is the world's largest source of electricity, the power industry is the biggest contributor to global pollution — accounting for around 40% of all carbon emissions.
The electricity market begins an era of renewable energy
Although there will be only a small decline in global coal power generation next year compared to this year, this transformation is significant.
“On the face of it, the decline in total coal power generation in 2024 may be minimal, but this marks the beginning of an era of renewable energy in the electricity market.” Carlos Torres Diaz, Rystad's senior vice president for renewable energy and electricity research, said in a statement. “The electricity industry is peaking in coal usage.”
Dennis Wamsted, an energy analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), said in an interview with the media that it is also worth noting that coal usage has remained basically the same over the past few years. “Has coal power generation reached a stage where it can no longer rise? Yes, it's clear we're at that stage.” He said.
As the world seeks to control climate change, curbing carbon emissions from power plants, or reducing the amount of coal used in the power industry, is critical.
Now, officials, business executives, and environmentalists from around the world are attending the annual UN climate summit to finalize agreements to promote clean energy and limit fossil fuel consumption.