International Energy Agency’s Coal 2023 Report
Why in news ?
The International Energy Agency (IEA) has released its annual coal market report named Coal 2023.
Major Findings of the Report
- Global coal consumption: It reached a record high in 2022 by rising 4% year-on-year.
- In China, demand rose by 4.6%, in India, it increased by 9%, in Indonesia, it shot up by 32%.
- Coal Demand in 2023: It is rising by 1.4% in 2023.
- Consumption declined sharply in most advanced economies in 2023, including record drops in the European Union and United States of around 20% each.
- Demand in emerging and developing economies remains very strong, increasing by 8% in India and by 5% in China in 2023.
- Decline in Demand in 2026: Coal demand to fall by 2.3% by 2026 compared with 2023 levels, even in the absence of governments implementing stronger climate policies.
- Renewable Capacity Expansion: More than half of the global renewable capacity expansion is set to occur in China, which currently accounts for over half of the world’s demand for coal.
What is the International Energy Agency?
- The International Energy Agency (IEA), which has its headquarters in Paris, France was set up as an autonomous agency in 1974 by member countries of the Organisation for Economic Cooperation and Development(OECD) in response to the mid-1970s oil crisis.
- The IEA’s main focus is on energy policies, which include economic development, energy security, and environmental protection.
Members:
- The IEA family is made up of 31 member countries, 13 association countries including India, and 4 accession countries.
- A candidate country to the IEA must be a member country of the OECD.
Source – Indian Express
