Australian media reported that, by 2040, renewable energy, natural gas and nuclear energy will become the world's fastest growing energy, but in the next few decades, coal-based fossil fuels will continue to be the main force of electricity production.
It is reported in The Australian on September 19 that the US Energy Information Administration latest forecast report shows that from 2015 to 2040, the world's energy consumption will grow by 28%, of which the fastest growing consumer is Asia. By 2040, fossil fuels will still account for more than three-quarters of world energy consumption.
Although the trend is expected to be unfavorable to the coal sector, world coal production is expected to grow by 3% between 2015 and 2040, close to 8.5 billion tones.
Before 2040, China, India, Australia and the United States will still be the largest coal producer, and Australia will be the largest coal exporter.
The market has high hopes for electric vehicles, but before the middle of this century, oil and other liquid fuels will continue to be the largest vehicle-driven energy source. The report said that natural gas will become the world's fastest growing fossil fuel. It is also said that the impact on increasing coal demand from India and other non-OECD Asian countries will offset the impact on reducing demand of China and OECD member countries. “Although China 's coal consumption will continue to decline, China will remain the largest single consumer by 2040," the report said.
It is expected that the total amount of coal consumed by China's electricity production will keep increasing slightly till 2023 and then begin to decline slowly and by 2035 fall below the amount consumed in 2015. It is expected that from 2015 to 2040, India's coal consumption will continue to grow at an average annual rate of 2.6%. Before 2020, India will replace the United States as the world's second largest coal consumer.
It is predicted that from 2015 to 2040, Africa, the Middle East and some non-OECD Asian countries will gradually expand coal production capacity. In the meantime, coal consumption in these areas will grow by 2.4% per year.
The US Energy Information Administration reported that many countries need to “continue to use the good chance of lower coal prices to keep sustainable economic development.”
Globally, the growth in electricity production will depend mainly on renewable energy, including hydropower, and natural gas.
“Wind energy, solar energy and water conservancy will be the fastest growing source of electricity between 2015 and 2040,” the report said, "benefiting from technological improvements and government incentives in many countries."