Climate Disaster Approaches... Why the World Cannot Abandon Coal

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Suhwan] "There has never been a time in human history when coal prices have risen this much."

Bloomberg News made this assessment regarding the recent surge in coal prices as the international community engages in a fierce battle over coal amid an extreme energy shortage.

As demand for coal, a representative fossil fuel identified as a major cause of environmental pollution, rapidly increases, concerns are beginning to arise that the global climate change response stance is being shaken.

In particular, with the 26th United Nations Climate Change Conference of the Parties (COP26) scheduled to be held in Glasgow, UK, starting on the 31st, expected to be a turning point in preventing global climate disasters, the sharp rise in coal demand is deepening the international community's concerns.

This is precisely why COP26 Chair Alok Sharma stated, "Coal must be buried in history," and UN Secretary-General Ant?nio Guterres criticized the "(coal battle) as a dangerous addiction."

The reason coal cannot be easily abandoned is primarily because it accounts for the largest share of energy sources worldwide.

According to the International Energy Agency (IEA), as of 2019, coal accounted for 36.8% of total energy sources, ranking first. It showed a significant gap compared to the second place, renewable energy (26.5%).

In fact, the number of newly operating coal power plants is reported to be much higher than the number of coal power plants being shut down.

The IEA predicted that with the increase in coal consumption, carbon emissions from power generation are expected to reach an all-time high next year.

To achieve the goal agreed upon during the 2015 Paris Climate Agreement to prevent climate disasters by limiting the temperature rise to 1.5 degrees Celsius above pre-industrial levels, coal consumption must be drastically reduced.

According to the research organization Carbon Brief, to reach this goal, carbon emissions from coal must be reduced by 79% by 2030.

However, since this year, as electricity demand has recovered following the COVID-19 pandemic, energy supply shortages and soaring prices have driven demand toward relatively inexpensive coal, resulting in an increase in coal consumption.

The countries driving the recent surge in coal demand are China and India, the world's first and third largest carbon emitters.

The IEA reported that as of last year, China and India accounted for 67% of global coal consumption.

Bloomberg News pointed out that these countries are increasing coal power plant operations as they prioritize economic growth policies, which is driving up global coal consumption.

In particular, China is reportedly constructing new coal power plants with a capacity six times that of Germany's coal power generation.

This means that even if Western countries such as Europe and the United States close coal power plants following recent environmental protection policies, the surge in coal demand cannot be fully resolved without cooperation from China and India.

Considering that coal emits the most carbon among all fossil fuels, foreign media emphasized that coal power generation must be reduced to prevent the impending climate disaster.

Bloomberg News warned, "Coal is the energy source that emits the most carbon," and "This year, carbon emissions are rapidly increasing again due to the surge in coal consumption."

This content was produced with the assistance of AI translation services.