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Global coal use at power plants will peak in 2023, Rystad says

6th December 2023

By: Bloomberg

  

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Global power-production from coal will peak this year as surging deployment of renewables displaces the dirtiest fossil fuel, according to research from Rystad Energy.

Burning coal will produce about 10 373 TWh of electricity worldwide in 2023, and then slip to 10 332 TWh next year, according to a Monday report from the Oslo-based research company.

It’s a small shift, but significant.

Coal is the biggest global source of electricity, and curbing emissions from power plants is critical as the world seeks to rein in climate change. Key elected officials, executives and environmentalists are meeting now at the annual United Nations climate summit to hammer out agreements to boost clean energy and limit fossil fuel consumption.

“The drop in total coal generation in 2024 may be small on paper, but it signals the beginning of the renewable energy era in the power market,” Carlos Torres Diaz, Rystad’s senior vice president of renewables and power research, said in a statement. “Coal usage in the power sector is peaking.”

Edited by Bloomberg

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