Australian coal exports are expected to surpass a record $100 billion (US$76 billion) for the 2021-22 financial year, according to the government’s latest Resources and Energy quarterly report. On the back of spiking demand and prices for both metallurgical and thermal coal, the value of Australian coal exports will peak at above $105 billion before gradually easing back to typical levels, an annual $41 billion. Increasing Chinese demand coinciding with weather disruptions, supply impacts, and the impacts from the Russian invasion of Ukraine has led to two waves of skyrocketing coal prices within the last six months. The report said global thermal coal markets were undergoing a complex transition, with prices surging as demand outpaced supply due to supply chain disruptions. A long-term shift in demand sources away from OECD nations towards Asia was accelerating and a global drive towards low-carbon energy sources had changed incentives for investors, deterring long-term …