China is expected to reach its highest point of energy consumption by 2035, while its reliance on fossil fuels is expected to drop, according to a report cited by the state media on Tuesday.
The study by the report by the Economics & Technology Research Institute of China National Petroleum Corporation (CNPC) found that the equivalent of 3.75 billion tons of oil would be spent on energy nineteen years from now.
Fossil fuel usage, meanwhile, is expected to hit its ceiling in 2030 at 2.93 billion tons of oil equivalent with coal expected to continue as the top energy source for China by 2050. Nevertheless, the CNPC noted that the proportion of coal in the prime energy mix would fall to 37 percent by 2050, even though coal accounted for 64 percent of national energy consumption in 2015.
The proportion of non-fossil fuels to total energy mix will more than double from the current 12 percent to at least 30 percent by 2050. A separate report published two years ago detailed how the proportion is expected to rise to 15 percent by 2020.
The analysis by the state-owned giant mentioned that China's energy sources are expected to become cleaner in the years ahead with increased investment in clean energy like hydropower and solar. For example, China Huadian Corporation could soon purchase private equity firm Terra Firma's wind farm interests for around US$500 million.
By Erwin Cifuentes for Oilprice.com
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Erwin Cifuentes is a Contributing Editor for Southern Pulse Info where he focuses on politics, economics and security issues in Latin America and the Caribbean.… More