China's Energy Appetite Creates Environmental Challenge and Market OpportunityPhoenix, AZ, October 27, 2010 (News Release)Based on current energy consumption and predicted demand, China will have a major financial impact on world energy markets and an impact on renewable energies according to the "China Energy Market Outlook" report. China,currently the world’s third largest importer of oil,boasts an energy sector with huge growth potential, primarily in the coal, petroleum and natural gas industries. This sector requires, due tothe country’s present state of economic and industrial development, higher energy consumption per unit. Such growth calls for more renewable energy sources, such as nuclear, solar and hydroelectric power, to safely meet the needs spawned by the country’s mammoth industrial complex and consumer sector. “The leaders in China now recognize that if the world continues on its current path, climate change will be devastating to China and to the rest of the world,” said U.S. Energy Secretary Steven Chu in the opening statement of his recent testimony before the Senate Energy and Water Development Subcommittee. “They acknowledge that China's growth in carbon emissions is environmentally unsustainable and are working hard to lessen their emissions growth. They also see the economic opportunity that clean energy represents. China is investing $44 billion by 2012 and $88 billion by 2020 in Ultra High Voltage transmission lines. These lines will allow China to transmit power from huge wind and solar farms far from its cities.” By 2020 it is estimated that China – which, Chu said, has demonstrated a “commitment to developing renewable energy”– will need 2.8 billion tons of coal and 600 million tons of crude oil. The country will need to import 250 million tons of petroleum, roughly 70%, from foreign sources. At such levels it is estimated that carbon emissions will reach 1.94 billion tons and China –whose 33.4% energy utilization efficiency is nearly 10% lower than the advanced international level –will in all likelihood overtake the US as the country producing the highest greenhouse gas emissions. “China largely missed out on the IT revolution, but it is playing to win in the clean energy race,” Chu continued. “For the sake of our economy, our security, and our environment, America must develop decisive policies that will allow us not only to compete in this clean energy race, but to become the leader in providing clean energy technology to the world.” China will have a lasting impact on future global energy markets, energy security, and environmental quality. A better understanding of Chinese energy markets is required and this report details the new energy-economic relationship that will affect China and the international community and provides an in-depth look at the opportunities and challenges at hand. View full details of the China Energy Market Outlook report at:
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