A new report from The Australia Institute (TAI) shows that Australian coal companies have pocketed tens-of-billions of dollars in war profits in response to Russia’s invasion of Ukraine:
Energy prices soared worldwide following Russia’s invasion of Ukraine. Russia is the world’s third largest coal exporter, behind Indonesia and Australia, meaning that turmoil in Russia causes disruptions in international coal markets.
Before the invasion, coal prices had already risen to high levels due to a range of domestic and international factors. As a result, the value of Australian coal exports skyrocketed from $39 billion in 2020-21 to $112 billion in 2021-22, a 186 percent or $73 billion increase.
