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While the International Energy Agency continues to argue withOPEC on the topic of when the world will reach peak demand for crude oil, thequestion of when, if ever, the global community will achieve peak coal demand continuesto plague efforts to reach the goal of net-zero carbon emissions by 2050, orfrankly by any other date.
The world’s two most populated nations, China and India, remainthe main stumbling blocks for the central planners of this heavily subsidized energytransition. While western nations like Germany and Britain feverishly work todecarbonize and deindustrialize their economies, destroying economic growth inthe process, China, and to a lesser extent, India, continue using risingamounts of coal to power the growth of their own economic engines.
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In its annual global survey of coal usage published this month,the Global Energy Monitor finds that worldwide operating capacity for coal roseby 2%, led by China’s domestic growth. China accounted for fully 2/3rds of the69.5 gigawatts (GW) of global coal-fired power generation capacity growthduring 2023. And, despite its pledges to focus on reducing its carbonemissions, the Xi Jinping government appears set to exceed the 48.4 GWexpansion during 2023 over the course of 2024.
For its own part, Indiaadded 5.5 GW of new coal-fired power plants during 2023, despite continuingpledges from Prime Minister Narendra Modi to meet his country’s own statedemissions targets. The Economic Times of India reports that, despite themassive investments India has made in adding new wind and solar fleets to itsgenerating capacity, the power sector has been unable to keep up with thecountry’s rapid economic growth and the energy demands it requires. India’sconsumption of energy rose at a faster pace than any other nation during2023...
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© 2024David Blackmon
