www.zerohedge.com By Tyler Durden
There’s no question that the ‘greenification’ of the global economy has returned many industrial countries to coal in 2021. New data from the International Energy Agency (IEA) shows that the amount of electricity generated worldwide from coal is on track to hit a record high.
IEA’s Coal 2021 report says global power generation from coal soared 9% in 2021 to an all-time high of 10,350 terawatt-hours. The rebound comes amid a rash of green policies and stupid political choices, such as decommissioning oil and gas-fired power plants and fossil fuel exploitation projects, ironically resulting in an energy crisis worldwide.
“The rebound is being driven by this year’s rapid economic recovery, which has pushed up electricity demand much faster than low-carbon supplies can keep up,” IEA said. Also, the dramatic rise in natural gas prices forced power plants to source coal as a cheaper alternative.
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