Global leaders recently convened at the United Nations climate talks, recognizing the serious environmental impact of coal. Yet, despite the acknowledgement of the damage caused by this fossil fuel, many countries continue to rely on it. The COP28 conference in Dubai saw the world admitting that fossil fuels, particularly coal, are primarily responsible for greenhouse-gas emissions. They committed to phasing out “unabated” coal power, yet global coal consumption has risen by over 5% since the Glasgow agreement.
Predictions about coal demands have also changed. The International Energy Agency initially forecasted that global coal demand would peak this year. However, the estimated demand for 2022 has been revised upwards, increasing from 8 gigatons to 8.4 gigatons. This change indicates that despite the recognition of the harms of coal, it remains a crucial part of the energy mix for many countries.
Coal consumption trends vary globally. In developed regions like the U.S. and the EU, coal usage is on the decline. Conversely, developing countries such as China, India, and Southeast Asian economies are ramping up their coal usage. The affordability and reliability of coal make it an attractive energy source for these developing nations, even as they grapple with the environmental consequences.
One of the key challenges highlighted at COP28 was funding the transition from fossil fuels to clean energy. Global leaders did not specify who would bear the financial burden of this transition. They, however, emphasized the role of wealthier nations in aiding developing countries in accelerating their transitions. This assistance is crucial, given the continued dependency of many countries on coal.
Despite the international agreement on the harmful effects of coal at the recent UN climate talks, coal remains a prominent energy source. In fact, coal is the largest contributor to greenhouse-gas emissions, accounting for 40% of all energy-related emissions. In 2022, coal usage reached a record high of 15.5 gigatons, underscoring the challenge of transitioning away from this fossil fuel.
To aid in the transition, the Group of Seven leading industrial nations established the Just Energy Transition Partnership. This initiative aims to assist major coal-burning countries in transitioning to cleaner energy sources. However, securing adequate funding remains a significant challenge. As the world continues to grapple with the climate crisis, the struggle to reduce reliance on coal and shift towards cleaner energy sources continues.
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