Global coal demand hit a record 8.77 billion metric tons in 2024, led by China and India, while the U.S. and Europe saw declines, according to a report released by the International Energy Agency (“IEA”) in December. China consumes 30% of global coal, and India’s use grew 5% as both nations rely on coal to fuel exports and economic growth. India is boosting domestic production to phase out imports.
In contrast, ESG policies and regulations have reduced coal production in the U.S. and Europe. IEA models show global demand for coal plateauing through 2027 even as electricity consumption rises sharply.
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Global coal demand is set to plateau through 2027
