GLOBAL The Future Production
of
Global
Coal
Despite its adverse environmental impact, coal was in high demand in 2021. As economies reopened following the start of the COVID-19 pandemic, countries struggled to meet resurgent energy needs. As a readily available low-cost energy source, coal filled the supply gap, with global coal consumption increasing by 450 million tonnes or around +6% in 2021. This graphic looks at the IEA’s coal production forecasts for 2024, and the specific countries projected to reduce or increase their production over the next few years. Many of the top coal-producing countries did not commit to the COP26 pledge. China, the U.S., India, Russia, and Australia abstained, and of those five, only the U.S. is forecasted to reduce coal production in the next two years. With 15 EU countries signing the pledge, the European Union is forecasted to see the greatest drop in coal production at 82 million tonnes,
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along with the greatest forecasted reduction in coal consumption (101 million tonnes, a 23% reduction). Many of the top coal-producing countries did not commit to the pledge. China, the U.S., India, Russia, and Australia abstained, and of those five, only the U.S. is forecasted to reduce coal production in the next two years. With 15 EU countries signing the pledge, the European Union is forecasted to see the greatest drop in coal production at 82 million tonnes, along with the greatest forecasted reduction in coal consumption (101 million tonnes, a 23% reduction).
Banks gave more than $1.5 trln to coal sector in 2019-2021 – NGOs Financial institutions channeled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, despite many having made net-zero
