According to recent research by Rystad Energy, global power production from coal is anticipated to reach its peak this year, generating approximately 10,373 TWh of electricity. However, the forecast indicates a decline to 10,332 TWh in the following year, 2024, signaling a significant shift.

Despite being a relatively small decrease in numerical terms, this shift carries substantial importance. Coal stands as the primary source of global electricity, and efforts to reduce emissions from coal-fired power plants play a crucial role in combating climate change. The ongoing annual United Nations climate summit, where influential figures, industry leaders, and environmentalists converge, underscores the urgency to establish agreements promoting clean energy and constraining fossil fuel usage.

Rystad Energy's Senior Vice President of Renewables and Power Research, Carlos Torres Diaz, emphasized the significance of this decline. He stated that while the reduction in total coal generation might seem marginal on paper, it marks the initiation of the renewable energy era within the power market. Torres Diaz highlighted that this indicates a pivotal moment where coal usage in the power sector is reaching its peak and subsequently declining.