Australian thermal coal prices at the Port of Newcastle – a benchmark for the Asian market – have soared 106 percent over the past year and reached $166 per tonne. Such a sharp rise in prices for one of the world’s least popular goods is associated with the demand for electricity, infrastructure problems and a jump in world gas prices.

The sudden demand for thermal coal, which is burned to generate electricity, calls into question the so-called “energy transition” and casts doubt on the success of the “clean” economy. Coal is the most carbon-intensive fossil fuel in terms of emissions and, therefore, needs to be replaced first when switching to renewable alternatives.