Demand for Australian thermal coal has peaked, according to the International Energy Agency (IEA), and renewables will deliver 80 per cent of the world’s energy needs in the next few years.
In its annual report on the World Energy Outlook the IEA said demand for oil was likely to rebound but that was not the case for thermal coal. During the COVID-19 pandemic, Australia has been saved by its mineral exports, especially iron ore and coal.
Exports are worth $70 billion and they have doubled in the past decade. But the IEA’s report said the global economic slump caused by the pandemic would cause a fall in demand for energy, with oil and coal the hardest hit.