By the year 2020, coal will surpass Oil as the number one fuel in the world. The history of fuel almost seems to be running on a cyclical theory of existence, as the major populous of the world will be looking to expand their industries at a minimal cost.
Western society will continue to use oil as the number one fuel and will watch tankers upon tankers filled with coal be exported to foreign lands. The shores of China and India will be over run with shipments of coal, majority of which will be from British Columbia, Canada.
Global consumption of coal is expected to skyrocket 25% by 2020, this is equivalent to 4.5 billion tons of oil. The ongoing North American boom of natural gas discoveries and availability does not financially compete with a continuous thirst and desire for cheap fuel by Asian powerhouses, who look to power their economy in a inexpensive way.
China alone consumes more coal than the rest of the world combined. At a numerical estimate of 75%, China will increase world coal consumption according to statistics. Between 2012 and 2020, there is an evident usage of coal fired power throughout half of China. Coal levels throughout the world will remain constant, there is only a spark of demand in China, Japan, South Korea and India, as all the countries cultures, economies and means of industrial growth search for a comparative advantage in the use of coal in their country.
But what does this mean for western society?
SIMPLE!
The province of British Columbia will generate massive exporting profits. In 2012 alone, the four top steel producing countries of China, Japan, South Korea and India saw the British Columbian Coal Industry generate revenues exceeding $3.2 billion. This potential boost in coal demand from these asian countries, sees this number one export be worth $5.7 billion a year.
However, business ethics should be on the mind of many coal producing companies. Is this increase of the use of dirty fuel beneficial for countries who already have environmental problems causing deaths of its own populous?