'Coal set to surpass oil as world's top fuel within a decade'
the last decade, global coal consumption by 2017 stands at 4.32 billion tonnes of oil equivalent, versus around 4.4 billion tonnes for oil, based on IEA medium-term projections.
The IEA expects that coal demand will increase in every region of the world except in the US, where coal is being pushed out by natural gas.
The report notes that in the absence of a high carbon price, only fierce competition from low-priced gas can effectively reduce coal demand.
"The US experience suggests that a more efficient gas market, marked by flexible pricing and fuelled by indigenous unconventional resources that are produced sustainably, can reduce coal use, CO2 emissions and consumers' electricity bills, without harming energy security," Hoeven said.
"Europe, China and other regions should take note," she added.
Hoeven noted that the report's forecasts are based on a troubling assumption, namely, that carbon capture and sequestration (CCS) will not be available during the outlook period.
Medium-Term Coal Market Report 2012 is part of the IEA's medium-term market report series, which also includes editions on renewable energy, natural gas and oil.
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