Low Oil Prices Slow Down Chinaâ€™s Path to Energy Conservation
Published By : 29 May 2015 | Published By : QYRESEARCH
China has saved billions of dollars in import due to low oil prices. However, energy experts are of the opinion that the same fact has posed issues for Chinese leaders in terms of their assurance of cleaning up the environment.
China has a reputation for being the worst greenhouse gas polluter globally and wants to clean up this tarnished image by guaranteeing to take action and overcome this problem. This pledge will be observed closely at the United Nations climate change in Paris, later on this year.
To follow their determination for environmental conservation China has been in the process of creating additional resources in natural gas, solar and wind power, nuclear power, and hydroelectricity. Oil prices have dipped by $20 a barrel recently along with public outcry for cleaner smog-free atmosphere.
China has outdone U.S. as a bigger importer of oil globally. Kang Wu the vice chairman of FGE the energy consultant organization, states that the game-plan to reduce oil is less cost-effective and these plans were made when oil prices were higher. Wu attended the Pacific Energy Summit in Beijing recently and this conference was to discuss the trials faced by China and other countries in energy conservation.
According to Chinese President Xi Jinping China‘s increased imports of oil can help build a contingency plan for oil reserves. China’s energy requirements include 19% crude oil, 6% natural gas, and coal is at 64%. Because coal has also become cheaper the government is facing difficulties to change to natural gas. Experts feel that it is not easy to make the public pay more for natural gas compared to coal which is cheaper and this fact is making it difficult to maintain China’s commitment to conserve energy.