News:International Energy Agency(IEA) has released the IEA Coal Market Report 2019.
Key takeaways from the report:
- Coal remains a major fuel in global energy systems accounting for almost 40% of electricity generation and more than 40% of energy-related carbon dioxide emissions.
- The People’s Republic of China, India and other Asian economies led the expansion while coal power generation fell in Europe and North America.
- However,the global coal demand is expected to decline in 2019 but remain broadly stable over the next five years supported by robust growth in major Asian markets.
- The renewable sources will supply a major portion of the increase in global electricity demand over the next five years.
- The electricity generation from coal will rise only marginally over that period at less than 1% per year and its share will decline from 38% in 2018 to 35% in 2024
- The countries in South and Southeast Asia such as India, Indonesia and Vietnam are still relying on coal to fuel their economic growth.
- India’s coal demand is expected to grow by more than that of any other country in absolute terms till the forecast period of 2024.
- Further,China which is the world’s biggest coal producer and consumer, consumption will reach its peak around 2022.
- The International Energy Agency (IEA) was founded in 1974.It is an autonomous intergovernmental organization established under the OECD framework.It is headquartered in Paris,France.
- It works to ensure reliable, affordable and clean energy to its 30 member countries, 8 association countries and beyond.
- It has four main areas of focus namely (a)Energy security (b)Economic development (c)Environmental awareness and (d)Engagement worldwide.
- India became an associate member of the International Energy Agency in 2017.