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We send 2021 year – another year marked by profound changes in the economy, politics and society following the coronavirus pandemic. Now that the last 12 months are almost history, Investor.bg has collected the most significant events and trends in political and economic life in Bulgaria and around the world in the last year in a special section “ The economy in 2021 “.
Despite plans to phase out fossil fuels in 2021, coal has experienced its own, perhaps brief, renaissance. fossil fuels were among the big losers – for the first time, green plants were ahead of coal in the energy mix, including in Europe.
According to the environmental organization Ember in 2020 in worldwide, coal accounted for 33% of energy production compared to 39% for green energy sources.
But the rapid economic recovery in 2021 has boosted electricity demand at a faster pace than low emission energy sources can respond. Natural gas is rising faster than carbon quotas, which has also boosted demand for coal. Thus, days before the end of the year, the International Energy Agency (IEA) has calculated that coal-fired power plants will produce a record 10 , 35 thousand terawatt hours of electricity .
This a situation could slow decarbonization and the world miss valuable time to limit global warming to 1.5 ° C by the end of the century, environmentalists warn. But on the other hand, more and more countries, including major polluters such as China, are making formal commitments to abandon coal, and coal consumption is expected to peak in the next few years, but things will change significantly from 2030.
For the first time in years in Europe and North America, coal consumption and electricity production from coal are growing, but forecasts show that the change in this trend will begin in 2022. The reason is the expected slowdown in economic growth, which will limit the demand for electricity, as well as the growing influx of green energy.
But fossil fuels are vital at this stage. powering Asia’s fast-growing economy. Preliminary data show, for example, that coal consumption in China has risen by 9% this year and by 12% in India, despite large investments in green energy. Most plans for investment in coal-fired power plants are in Asia – China, India, Indonesia and Bangladesh, but also in Turkey and Poland.
Last year, coal held a share of 40% of the world’s energy mix and emit 46% of carbon emissions. In order to achieve the carbon neutrality targets, the share of coal must fall below 1%, according to IEA calculations.
The steps are actually outlined – abandonment of new coal capacity, reduction
By 2030, most EU countries plan to reduce coal electricity production by 99%. But Poland, the Czech Republic and Bulgaria remain , which will produce 95% of the Community’s coal electricity.
High electricity prices this autumn have brought back interest in electricity produced from coal in Bulgaria as well, although the price of carbon emissions hit record highs – up to almost 90 euros per tonne at the end of the year. But here, too, this rise will probably be temporary.
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