Australia

Australia's coal exports are booming despite climate change concerns

Animated GIF of koala bears with coal eyes
Illustration: Sarah Grillo/Axios

NEWCASTLE, Australia — Coal exports out of this resource-rich nation brought in record-high revenue last year, according to government data released this month.

The big picture: As concerns about climate change grow, coal is considered on its way out. But for many growing economies in Southeast Asia that are Australia's biggest coal customers, it's often seen as the preferred, cheapest electricity option.

The Asia-Pacific region's young billionaire surge

Pinduoduo CEO Colin Huang. Photo: VCG via Getty Images

"A shift is underway among the world’s richest young entrepreneurs. ... [The Asia-Pacific region] is home to a rise in new self-made billionaires," Bloomberg's Andrew Heathcote writes.

By the numbers: "Six of the world's 10 wealthiest self-made billionaires age 40 and under are from the Asia-Pacific region, according to the Bloomberg Billionaires Index. ... Four are Chinese and two are Australian. ... Just three are from the U.S., which used to dominate the list."

Go deeper: Billionaires start to lose their luster

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