Coal Shows Its Staying Power as Economies Bounce Back
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to countries looking to wean themselves off the dirty but reliable fossil fuel.
Coal was in decline for years in many countries, but its use is now picking up in the U.S., China and Europe despite growing pressure from governments, investors and environmentalists to curb carbon emissions. The leading reason for the uptick—which has pushed coal prices to multiyear highs—is rising power demand as economies reopen rapidly from pandemic hibernation.
While analysts and executives say the resurgence of coal is likely to be short-lived, it shows the world’s continued dependence on fossil fuels until renewable-energy capacity grows further and storage technologies improve.
Countries have spent billions adding…