International Energy Agency World Energy Outlook 2018 -

November 12, 2018

14 November 2018


International Energy Agency World Energy Outlook 2018 -  

Positive outlook for NSW coal to 2040


The latest report from the highly respected and independent International Energy Agency (IEA) has forecast continued strong growth in Asian demand for coal through to 2040.


The 2018 World Economic Outlook from the IEA presents growing opportunities for the NSW coal mining sector in energy producing thermal coal as well as in metallurgical coal used for making steel.

 

Under the IEA’s New Policies Scenario which incorporates the commitments made in the Nationally Determined Contributions under the Paris Agreement, the IEA estimates that while global growth in coal demand remains steady, growth in demand for coal in the Asia Pacific will increase by 492 mtce (million tonnes of coal equivalent) by  2040 (P220).

 

According to the IEA Report, “Many developing economies view coal as important to their economic development because of its ready availability and relatively low cost. India and Southeast Asia are the growth centres for coal use in the New Policies Scenario, with demand more than doubling over the period to 2040.” (P22).

 

The report also states that Australia will be the only coal producer to significantly increase coal exports to 2040, with export volumes predicted to increase from 350mte to 428mte (P222).

 

“The NSW coal sector provides billions in export revenue and investment to NSW.  It provides over 21,000 jobs for families across the state and supports tens of thousands more jobs in businesses that supply the mining sector.  Over the next four years it will provide $7.4 billion in royalties to help fund schools, hospitals, emergency services and roads,” Mr Galilee said.  

 

“NSW is blessed with high quality coal and strong and growing demand in our region. The future of the NSW coal industry and our coal mining communities is linked to our ability to meet the growing demand.  This will require policies that support our export sector and the tens of thousands of people working in coal mining and related jobs here in NSW,” he said.

 

 

 

Contact: Harry Stutchbury | hstutchbury@nswmining.com.au | 0409 758 734 | 02 9274 1419

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