Coal Mid-Year Update - July 2024

Coal markets are stabilising following recent years of uncertainty unleashed by the global energy crisis. Coal remains the primary global energy source for electricity generation, and increased demand for electricity continues to fuel global coal demand. Clean energy technologies such as solar, wind and hydropower are gaining traction but what impact have recent world events had on their uptake, and are we yet at the point of a structural decline in coal demand?

This Coal Market Update, which provides the latest analysis of coal demand, production, trade and prices, finds that coal demand, supply and trade volumes reached an all-time high in 2023, confirming previous forecasts. It also provides preliminary estimates for the first half of 2024 and outlooks for the full year 2024 and towards 2025, based on recent trends, data and forecasts for economic growth across regions.

Coal continues to be the largest source of carbon dioxide (CO₂) emissions and, while carbon capture, utilisation and storage technologies can help reduce coal-related CO₂ emissions, the ongoing use of coal has major implications for efforts to reach international energy and climate goals.