IEA: global coal demand will remain stable in 2024

Global coal demand is expected to remain stable by 2024, the International Energy Agency (IEA) said on Tuesday, as economic growth in Asia offsets weak demand in Europe and the United States. Over the past two weeks, representatives from more than 190 countries have met in Madrid to try to work out rules consistent with the 2015 Paris climate agreement, which calls for a real end to coal-fired power generation by 2050. IEA said that despite the continuous growth of low-carbon fuels in recent decades, the reality is that coal is still the main fuel in the global energy market. Today's world coal consumption is 65% higher than in 2000. According to the agency's forecast, by 2024, the world's coal demand will grow at a compound annual growth rate of 0.5%, reaching 5.624 billion tons by 2024. According to IEA, India's coal demand is expected to increase by 4.2% per year to 585 million tons by 2024. The IEA report reflects the expectations of governments, businesses and investors on the future of coal, oil and gas use. But environmental groups and some financial institutions also criticized the agency for underestimating the speed of the world's transition to renewable energy.