Coal Market Update – July 2024

At the global level, coal remains the largest energy source for electricity generation, steel making and cement production – as well as the largest source of man-made carbon dioxide (CO2) emissions. While carbon capture, utilisation and storage (CCUS) technologies can help reduce coal-related CO2 emissions, reaching international climate targets requires coal consumption to decline sharply.

The Coal 2023 report published last December foresaw a decline in global coal demand in its forecast horizon, which ran to 2026, for the first time. Electricity generation from solar PV and wind is set to expand sharply during this period, reducing reliance on coal – especially in China, which is the main driver of global coal trends. However, the report also highlighted key uncertainties to the forecast.

The forthcoming Coal Market Update will revisit these dynamics and provide a fresh assessment to 2025 based on the latest data and analysis, delivering the most recent picture for global coal demand, supply and trade.