• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 15 hours Wind droughts
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 days Oil Prices Fall After Fed Raises Rates
  • 12 days How Far Have We Really Gotten With Alternative Energy
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 10 days The Federal Reserve and Money...Aspects which are not widely known

China Says Its Coal Reserves Will Last For 50 Years

China, the world’s largest coal consumer, has domestic reserves of coal to last the next 50 years, according to annual reserves data from the Ministry of Natural Resources cited by Bloomberg.

At current rates of domestic production, China also has crude oil reserves that could last for at least 18 more years, according to the ministry

While Chinese coal consumption is primarily met by domestic production, it’s not the same for oil. China, the world’s top oil importer, imports much more oil than its domestic production.

China has a target to achieve net-zero emissions by 2060 and to reach peak carbon emissions in 2030, but it has recently relied heavily on coal and continues to approve new coal capacity to meet energy demand as international energy prices soar.

In recent months, China has significantly boosted its coal production, following government orders for more coal supply. Faced with power shortages last autumn, Chinese authorities ordered an increase in domestic coal production as global coal prices soared.

China has put more emphasis on energy security since the autumn of 2021. Earlier this year, China said it would continue to maximize the use of coal in the coming years as it caters to its energy security, despite pledges to contribute to global efforts to reduce emissions.

China has accelerated the approval of coal-fired power plants this year, and in the first quarter alone, it approved new coal capacity equal to nearly half of all the coal-fired capacity approved for the whole of 2021, Greenpeace said in July.

China gave the green light to as many as 8.63 gigawatts (GW) of new coal-fired power plants in the first quarter of 2022 alone, which was equal to

46.55% of all the coal capacity approved throughout 2021, the environmental group said in a research report.

Greenpeace slammed China for contributing even more to climate change and blamed it for using the ‘energy security’ card to approve more coal-fired power generation capacity.   

By Josh Owens for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News