China Energy Consumption at its Slowest since 1990s
Published By : 11 Jun 2015 | Published By : QYRESEARCH
The energy consumption in China has been recorded at its slowest since the 1990s, according to a report. The world’s biggest consumer of energy is now shifting its economy from heavy industry to services.
This exceptionally low growth levels exhibited in energy thirsty sectors of the country has helped to drive down the growth in consumption to around 2.6 per cent or even low as compared to the half its average rate demonstrated in the past decade.
The country’s exceptionally declining energy consumption may yet be trailed by some bounce back in demand, according to an economist. The report further states that the large shifts noticed in the demand and supply of fossil fuels especially the emergence of the United States shell along with the renewable sources of power shows that the world is experiencing a changing of the guard of the world’s energy suppliers. As climate change and ecology concerns have become even more noticeable during the past year.
Furthermore, the policy of the world’s leading countries is targeted towards agreeing on a clear framework for the cost of carbon consumption, as this would help ration the use of oil, coal, and gas for future. The world’s leaders particularly insist on the oil groups must have a voice in the debate of climate change.
Non fossil fuels such as nuclear, hydro, and other renewable energy sources have offered a bigger overall contribution to the global energy supply growth in the year 2014 compared to fossil fuels for the first time in two decades.
Industrial nations are the net importers of energy and can result in a significant boost to the country’s output as the reduced prices are fed in order to boost the disposable incomes.