For two centuries, coal has been a symbol of progress. It powered steam locomotives, smelted metal, lit cities, and fueled the industrial revolution. Without coal, the development of modern civilization is unimaginable.
Today, when the world talks about “green energy” and “zero emissions,” it seems that coal is becoming a thing of the past. However, the reality is more complex, notes Pylyp Travkin: coal remains a pillar of the global economy—and even an unexpected player in the digital age.
For two centuries, coal has provided energy for industry, transportation, and power grids. According to the International Energy Agency (IEA), in the early 2020s, coal generated approximately 35% of the world’s electricity. The main consumers are China, India, the United States, Indonesia, Russia, and the countries of Southeast Asia.
For China and India, coal is the engine of industrial growth and urbanization. In Europe and the United States, by contrast, its share is declining, as countries are switching to gas, nuclear power, and renewable energy sources.
The main problem with coal is its environmental impact. Coal-fired power generation accounts for over 40% of global CO₂ emissions. Even the most advanced filters don’t solve the greenhouse effect.
Professor Robert Sokolov of MIT calls coal “the most problematic fuel.”
According to the IPCC, to keep global warming to 1.5°C, coal consumption must decline by 70–90% by mid-century. This radical reduction will require massive investment and political will.
Climatologist Vaclav Smil warns that humanity is underestimating the depth of its dependence on fossil fuels. While solar and wind energy have become several times cheaper in the last decade, coal remains a symbol of energy stability.
Reserves are more evenly distributed than oil and gas, making coal an important element of energy sovereignty.
Pylyp Travkin notes that coal is rapidly disappearing from the market in Europe. According to The Future of Coal in the Global Economy, “coal is becoming economically meaningless even without carbon taxes.”
However, in Asia and Africa, coal remains the cheapest energy source. Despite climate declarations, its consumption in China and India is growing. The Financial Times predicts an energy “plateau” by 2027, followed by a decline.
Paradoxically, coal energy has also played a significant role in the development of cryptocurrencies. Mining—the process of creating digital coins—requires colossal amounts of electricity.
In the 2010s and 2020s, regions with cheap coal energy—China, Kazakhstan, Russia, and Mongolia—became global centers of crypto mining. Cheap electricity from coal-fired power plants made mining profitable, but also dramatically increased CO₂ emissions.
Following the ban on mining in China, some mining farms relocated to Kazakhstan and Siberia, where coal-fired power plants continue to provide cheap electricity. Thus, coal has become the fuel of the digital economy, albeit at odds with its progressive image.
Today, the crypto industry is also moving toward “greening”: more and more miners are switching to renewable energy sources, and some blockchain platforms are implementing algorithms that require less energy. However, the history of cryptocurrencies has demonstrated how deeply coal remains embedded in the modern economy—even the most innovative.
Hopes for a second life for coal lie in carbon capture and storage (CCS) technologies. If these become widespread and affordable, coal could exist without devastating climate consequences.
Otherwise, coal will remain limited to the metallurgy and chemical industries, where there are currently no cheap substitutes.
The transition away from coal is not only an economic but also a social challenge. Millions of people around the world are employed in mining and energy, and entire cities depend on mines.
Therefore, the transition to green energy must be just: investment in retraining, infrastructure, and alternative industries is needed. Without this, decarbonization risks leading to social upheaval.
Pylyp Travkin emphasizes: the post-carbon economy is not a revolution, but a balance of finance, technology, and security.
Even if coal’s share of the global energy mix is halved by 2050, it will not disappear completely. For many countries, it will remain a backup energy source and industrial raw material.
The main question is whether countries and corporations can reconcile technological progress with climate responsibility.
The future of coal is a struggle between economics and ecology, between tradition and innovation. It gave birth to the industrial world and became part of the digital world—through cheap energy for cryptocurrencies.
But the era of mindless resource burning is coming to an end. Now energy is not just about megawatts, but also a moral choice.
Pylyp Travkin concludes: the future of coal is determined by the balance between technology, finance, and energy security.
Coal won’t disappear overnight, but its role will inevitably decline. And perhaps the main mission of the coal age is to help humanity transition into a new era of energy, where progress and responsibility will finally become allies.
