SHANGHAI, Jan 3 (SMM) - Global coal demand is expected to grow by 1.2% in 2023, hitting a record high and surpassing 8 billion mt for the first time, according to the International Energy Agency's Coal 2023 report.
Gas shortages caused by Russia's invasion of Ukraine were the main reason behind the surge in demand for coal. The use of coal in power generation increased 2%.
While Europe is likely to reduce its reliance on coal by 2025, Asia's demand for this energy source looks set to grow in the coming years. Coal use is expected to decrease in the longer term, replaced by natural gas and renewable alternatives, but coal demand will remain strong in 2023.
