Global Coal Power Production to Peak This Year as Renewables Surge

According to Yahoo News, global power production from coal is expected to peak this year, as the rapid deployment of renewables displaces the dirtiest fossil fuel, according to research from Rystad Energy. Coal burning is projected to produce about 10,373 terawatt-hours of electricity worldwide in 2023, and then decrease to 10,332 terawatt-hours in 2024, as per a report from the Oslo-based research company. This small shift is significant, as coal is the largest global source of electricity, and reducing emissions from power plants is crucial in the fight against climate change. Key elected officials, executives, and environmentalists are currently attending the annual United Nations climate summit to negotiate agreements to promote clean energy and limit fossil fuel consumption. Carlos Torres Diaz, Rystad's senior vice president of renewables and power research, said in a statement, 'The drop in total coal generation in 2024 may be small on paper, but it signals the beginning of the renewable energy era in the power market.' He added that coal usage in the power sector is peaking. Dennis Wamsted, an energy analyst at the Institute for Energy Economics and Financial Analysis, also noted that coal use has been largely flat over the past several years and that it is clear we have reached the point where it will not increase anymore.