Political leaders of developing countries face constant pressure to generate enough electricity for their populations as they are being asked to reduce dependence on fossil fuels. In a bold and rebellious move, India has ordered reopening more than 100 dormant coal mines to meet skyrocketing domestic power demand.

If you think the world is moving beyond coal, think again. The post-Covid economic rebound and surging electricity demand have resulted in big increases in coal prices and coal demand. Since January, the Newcastle benchmark price for coal has doubled. And over the past few weeks, China and India have announced plans to increase their domestic coal production by a combined total of 700 million tons per year. For perspective, US coal production this year will total about 600 million tons.