Fortunately, Australia has also backed the right horse and recognised the need to maintain coal mining exports through this decade and beyond as the world gradually continues down the path of decarbonisation.
Indian Prime Minister Narendra Modi made 2070 his country's working deadline to net zero and the Russian government has tentatively stated 2060 as its.
This is understandable - given the central role coal and fossil fuels play in their economic development.
As the world's largest exporter of seaborne coal, Australia must also pursue decarbonisation policies that continue to provide for a viable economic future.
Australian prime minister Scott Morrison is right to look at technology such as carbon capture and underground storage techniques as being an integral part of the decarbonisation tool box going forward.
Technology to deal with emissions reduction is a theme that was also visited by other coal-rich nations at the COP26 Summit such as the Ukraine.
Maxim Timchenko, the CEO of DTEK, which is the Ukranian energy industry's largest private investor, told the summit innovation and technology would play crucial roles in developing its decarbonisation agenda.
"At DTEK, we have a clear vision and strategy regarding the phase-out of coal," he said. "We are the first company to join the Powering Past Coal Alliance and I believe this is the first step."
He also pointed out the need for a clear strategy from the Ukranian government to support this development, since phasing out coal should be part of a process of joint responsibility in Ukraine, especially in view of the country's energy security.
Whitehaven Coal chairman Mark Vaile also highlighted the need for taking a long-term view of energy and decarbonisation that would include coal as an integral part of the equation.
"The challenge of addressing climate change is incredibly complex and changes to global energy trends will occur over decades, not years," he told Whitehaven's annual general meeting.
"In a more carbon-conscious world that will need more energy to support growth, we see a role for high-quality coal being used in tandem with advanced generation technology to deliver improved emissions outcomes.
"The current global energy crunch, while reflecting a wide range of factors, also demonstrates the risks of underinvestment in sectors that will remain vital to economic growth and social development as the world undertakes the multi-decade energy transition."
Hogsback reckons Australia's coal industry has a raw material that will remain in demand for decades to come and the nation has the intellectual capital to ensure technology will be developed that will facilitate an orderly decarbonisation process.
