The most recent energy outlook report for 2024 by S&P Global Commodity Insights reveals that coal demand reached its peak in 2023 and is projected to decline in the following year. The report also predicts that one out of every five cars sold in 2024 will be electric.
Dan Klein, who serves as the Head of Future Energy Pathways at S&P Global Commodity Insights, shared in an interview with CNBC-TV18 that the energy sector has been in search of a new normal since the onset of the pandemic.
He emphasised the significant impact of China's economic slowdown on both the region and the global energy landscape, given that it is a major consumer of all energies around the world.
Earlier on December 13, delegates at the United Nations COP28 summit in Dubai reached a landmark agreement, urging nations to "transition away from fossil fuels" in order to address the severe impacts of climate change.
In a corresponding statement, UN Secretary-General António Guterres emphasised the need for an end to the era of fossil fuels, asserting that this transition must occur with justice and equity.
Watch the accompanying video for entire conversation.
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