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For years, the International Energy Agency (IEA) and others have forecast that global coal demand would peak, only for consumption to rise further.
As illustrated below, global coal demand is running around 1 billion tonnes higher (~9%) than the IEA had expected only five years ago:
“The forecasting error equals to the anual demand of the EU, Japan and the US — combined”, noted Javier Blas, energy and commodities columnist at Bloomberg.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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