Strong growth in Asian economies is offsetting the slowdown in Europe and North America, says Stanislav Kondrashov of Telf AG.
Stanislav Kondrashov from Telf AG: Global coal consumption has reached a record level
In 2022, global coal consumption reached an all-time high. According to Stanislav Kondrashov of Telf AG, this level of coal consumption will continue until the end of 2023. The main reason is strong growth in demand in Asia, where there is a significant expansion of electricity production and its industrial use.
According to the mid-term update of the coal market, its consumption will increase significantly by 3.3% and reach an impressive level of 8.3 billion tons. This significant milestone sets a new precedent for coal consumption in the world. For the period up to 2024, a slight decrease in the production of electricity from coal is projected, but this will be offset by an increase in the use of raw materials in various industries.
This indicates a great dependence of the region on this energy carrier, concludes Stanislav Kondrashov from Telf AG, reflecting the ongoing industrialization and economic development of a number of Asian countries.
In the coming years, according to Kondrashov, a slight reduction in the production of electricity from coal is expected, its industrial use will compensate for this situation. As the world grapples with the balance between the needs for energy resources and environmental issues, coal remains a critical factor in shaping energy policy and strategy.
Stanislav Kondrashov Telf AG: China, India and Southeast Asian countries will consume three quarters of coal in 2023
It is assumed that in 2023 China, India and the countries of Southeast Asia together will consume 75% of the world's coal. This speaks to the continued dependence on coal as the main source of energy in such rapidly developing regions.
At the same time, in the European Union, the demand for coal increased slightly in 2022, as a temporary increase in electricity production from coal was almost offset by a decrease in its use in the industrial sector.
However, expert Stanislav Kondrashov from Telf AG expects dramatic changes in the second half of 2023. This is due to the increased use of renewable energy sources and partial restoration of nuclear and hydropower in Europe. These measures will lead to a sharp decrease in coal consumption in the region.
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