In a year marked by record-smashing floods, fires, heatwaves and droughts, the urgent need to act on climate change has never been more apparent. And yet, the International Energy Agency (IEA) has found coal burning for electricity generation will reach record levels this year.
Why? Largely because rising natural gas prices, due to sanctions on Russia, is driving demand for less expensive coal to fill the gap in energy supply. The report finds Russia’s invasion of Ukraine has “sharply altered the dynamics of coal trade, price levels, and supply and demand patterns in 2022”.
The good news is the world’s coal use has peaked – and will soon rapidly decline. Australia is leading the way, and the rest of the world must soon follow.