• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO

Chinese Premier Announces Clean Energy Push

Chinese Premier Announces Clean Energy Push

Chinese Premier Li Keqiang has restated the government’s plans to aggressively build clean energy capacity throughout the country in an effort to reduce air pollution.

Li’s announcement, which he made on the central government’s website, comes as major Chinese cities have been suffering from catastrophic levels of smog. Li’s statement laid out plans to build new solar, wind, nuclear and hydropower plants.

China is already one of the world’s largest markets for clean energy. It installed a record 12 gigawatts of solar in 2013, with an aim of boosting growth to 14 gigawatts this year. China also led the world in installed wind capacity last year, with a record 16 gigawatts coming online.

Until now, China has been a smaller player in the nuclear industry, but it has ambitious plans to triple its capacity by 2020. It currently has 20 operating nuclear power plants, with 28 more under construction. Connecting enormous volumes of new clean energy capacity will require the construction of high-voltage transmission lines. According to Bloomberg, several Chinese nuclear companies saw their stock prices rise after Li’s comments.

China also leads the world in greenhouse gas emissions and, aside from its contribution to climate change, the central government is concerned about the effects of pollution spewing from coal-fired power plants.

A 2013 study blamed air pollution for reducing life expectancy by five years for the average person in some parts of the country. Pollution is also a drag on growth, with some studies projecting that it costs the equivalent of between 3.5% and 9% of GDP.

Last month, Li declared “war on pollution” and outlined the steps the government will take to rein in smog. It won’t be easy; China still burns through as much coal as the rest of the world combined.

By Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News