The Covid-19 crisis has completely reshaped global coal markets. Before the pandemic, we expected a small rebound in coal demand in 2020, but we have since witnessed the largest drop in coal consumption since the Second World War. The decline would have been even steeper without the strong economic rebound in China – the world’s largest coal consumer – in the second half of the year.

Keisuke Sadamori, the IEA’s Director of Energy Markets and Security
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Canadian Headlines:

After a turbulent year, Canada’s energy industry braces for more upheaval in 2021

The pace of economic recovery and the impact of a new U.S. president are among the uncertainties

Turbulent, chaotic, overwhelming — it’s been the kind of year that tests a person’s nerves and their vocabulary. At times, there have been no words.

Canada’s oil and gas sector didn’t escape the tumult, of course, turned on its head by an international oil price war and a pandemic that crushed fuel demand.

It was also a year where talk of “energy transition” was popular among policy-makers — and global oil producers. The discussion about what’s next had a greater sense of urgency.

The year ahead will likely offer little respite, with the pace of economic recovery, pipeline development, climate policy and a new occupant of the White House all part of an unpredictable mix.

The challenge for many who work in the industry may lie again in how quickly they are able to adapt in an unpredictable and ever-changing world.

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World News

In pursuing historic climate change agenda, Biden may find surprising ally

Republicans are pitching their own plans — and the new president may be able to work with them next year.

President-elect Joe Biden has made no secret that tackling climate change will be one of his top priorities. But to enact his platform to reduce global warming he may find an unexpected ally: Republicans.

Biden campaigned on the most ambitious climate agenda in history: It included plans for pioneering green energy and infrastructure projects and proposals to address environmental racism. Large chunks of his “Build Back Better” economic agenda are explicitly tied to climate-related policies.

Biden has said he will re-enter the U.S. in the Paris climate accord on his first day in office and will prioritize undoing dozens of environmental regulatory rollbacks put into place by President Donald Trump — all via executive action.

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