China demand to see coal overtake oil as the key fuel for global economy Coal will overtake oil as the key fuel of the global economy by the end of the decade despite global efforts to "go green" as China triggers a surge in demand for the fuel.
Rising demand in the world's fastest growing economy will spark a 25 per cent rise in coal consumption by 2020 to 4,500 million tonnes of oil equivalent, according to widely respected consultants Wood Mackenzie. This will be enough to top demand for oil, at 4,400 million tonnes.
Speaking at the World Energy Congress, William Durbin, president of global markets at WoodMac said: "China's demand for coal will almost single-handedly propel the growth of coal as the dominant global fuel.
"Unlike alternatives, it is plentiful and available."
WoodMac said China alone would drive two-thirds of the forecast growth in coal demand. Half of the power plants expected to built between now and the end of the decade will be coal-fired. http://www.telegraph.co.uk/finance/newsbysector/energy/10377467/China-demand-to-see-coal-overtake-oil-as-the-key-fuel-for-global-economy.html
CCC Price at posting:
3.0¢ Sentiment: Hold Disclosure: Held
