China, Australia and the United States all have important policy lessons to share when it comes to alleviating energy poverty, creating low-cost energy access, and improving emissions. That is according to Gregory H. Boyce, Peabody Energy’s chairman and CEO, who recently met with heads of state and CEOs at the 2014 Asia-Pacific Economic Coordination (APEC) Summit in Beijing.
For example, China has used coal to lift 650 million from poverty since 1990 during which time gross domestic product (GDP) increased 850 percent and use of coal-fueled electricity increased eight-fold, which the International Energy Agency called “an economic miracle.”
Australia elected a new government last year to repeal the carbon tax, which created an economic burden in excess of $100 million per week. Repeal of the tax is expected to save the typical family $550 each year in electricity costs.