Coal might be the dirtiest word in climate politics in the run up to the United Nations COP26 summit.

The proposed $3.5 trillion reconciliation spending measure would set an 8% gross royalty on existing mines and 4% on new ones.

Environment Minister has given environmental consent for Whitehaven Coal to proceed with a $440 million plan to extend open-cut mining at its Vickery operation in New South Wales.

The world has about 139 years of coal left at current consumption levels and excluding unproven reserves.

The bank lifted its 2022 forecast to $120 a tonne from $85.

Coal production over the first eight months of 2021 was 2.6 billion tonnes, up 4.4% on year.