• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 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 Energy Armageddon
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The Federal Reserve and Money...Aspects which are not widely known
  • 18 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days Goldman Betting on Cryptocurrencies
  • 8 days Сryptocurrency predictions
  • 13 days Putin and Xi Bet on the Global South

China's $6.4 Trillion Energy Transition To Transform Economy

China’s transition from the biggest polluter in the world to the leading force in renewable energy generation will completely transform its economy, a new report by Wood Mackenzie says.

Calling the upcoming changes tectonic, Wood Mac analysts noted the transition will require investments of $6.4 trillion in new power generation capacity alone over the next few decades, and said that while some of this will be spent on nuclear capacity, the bulk of investments would go towards boosting China’s solar and wind capacity, and the respective energy storage.

The economic powerhouse that is China today was built on crude oil and metals, the Wood Mac report says, but this has made the country excessively dependent on energy imports. At the current rate of oil imports, China will come to depend on foreign oil for as much as 80 percent of its needs by 2030. Half of the gas it consumes will be imported.

It is to avoid this that China is so determined to decarbonizes, according to the report: “For Beijing, energy independence and decarbonisation are inseparable: by winning the clean-energy race, China can cast off the shackles of its reliance on others and dominate the resources and technologies the world needs to decarbonise,” the authors noted.

The transformation from a fossil fuel-dependent economy into an electricity-dependent one will not be without challenges. Chief among these would be securing enough raw materials to expand the national transmission network to accommodate the 6,870 GW of new capacity that the country will require to satisfy its growing energy needs over the next forty years.

This would likely create another dependency, according to Wood Mac. While oil imports will eventually decline, copper imports are likely to jump significantly as the metal is essential for wind turbines, not to mention transmission lines and wiring. To date, China only produces 16 percent of the copper it uses domestically, with the rest coming from imports.

By Irina Slav 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