An energy transition was underway but China would remain the largest producer and consumer of coal through to 2040, according to the report.
The outlook was positive for the Queensland resources sector across all commodities but especially coal, QRC CEO Michael Roche said.
“The forecast demand from India comes as no surprise and the report found that India would contribute one quarter of global energy growth to 2040,” he said.
“India will become the second largest coal producer in the world, and by 2020, the world's largest coal importer.
“By 2040, Asia is projected to account for four out of every five tonnes of coal consumed globally.”
This forecast is good news for Queensland, and in particular, good news for both the communities that already benefit from the resources sector across the state and those regions that are set to benefit, according to Roche.
“The sector already contributes $64.8 billion to the state’s economy, or one in $5 and one in six jobs, these forecasts from the world’s most reputable agency mean that we are set to benefit from our natural resources well into the future,” he said.
“The forecasts also mean that we urgently need to fix our broken approvals system so we can bring on the new and expanded operations to taup into this huge market opportunity. That will mean more prosperity for Queenslanders in the form of jobs, business growth and royalties to fund government services, but will also help hundreds of millions of people across Asia and Africa who live without the luxury of electricity that we take for granted.”
According to the IEA, Australia’s coal exports are set to grow by over one-third, with 45% of the growth being coking coal, which remains an essential ingredient in the making of steel.
“The good news for communities dependent on a thriving Bowen Basin coking coal sector is that Australia is set to grab a two-thirds share of the entire global trade in coking coal.
Overall, Australia is set to regain the position of the world’s leading coal exporter,” he said.
“The IEA confirms that there remains more opportunity to expand Queensland’s natural gas export sector, with demand for natural gas in Asia set to skyrocket by 160%.”