Peabody in China
Coal powers 70 percent of China's electricity and will continue to be a major catalyst underpinning rapid urbanization.
China's sweeping and unprecedented urbanization plan calls for moving as many as 100 million people from rural areas to cities by 2020 in what the government is calling a powerful engine for sustained and healthy economic growth.
Underpinning this transition is a call for a massive infrastructure development program to build expressways, railways, hospitals, schools, airports and housing, all of which require large amounts of steel to make and energy to use. Those enormous needs point to coal as an essential growth catalyst for China's modern, urban lifestyle.
Coal sustains China's economic progress and today fuels 70 percent of its power. Since 1990, China has lifted 650 million from poverty, increased gross domestic product 850 percent and increased coal use 750 percent. In fact, the International Energy Agency called the China experience an "economic miracle," which of course was powered by coal.
Peabody Energy has a business office in Beijing and is positioned to serve China through our Australian platform as well as our global trading and brokerage activities. Peabody is also the only non-Chinese equity partner in GreenGen, China's signature carbon initiative, a 250 megawatt integrated gasification combined cycle plant, which ultimately would capture carbon for enhanced oil recovery.
At full build of 650 megawatts, GreenGen would be among the world's largest near-zero emissions coal plants. Peabody is also a founding member of the U.S.-China Energy Cooperation Program, a public-private partnership to accelerate the commercialization of clean coal projects in China.
Peabody Investment & Development Business Services Beijing Co., Ltd
Suite 4201, Beijing Yintai Center
Tower C, No.2 Jianguomenwai Avenue
Beijing, 100022, China
Phone: +86 10 6529 8666
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