China’s pursuit towards Energy Security
China’s economy is one of the fastest growing in the world. With towering economy and rapid development, the land of the dragon is now focusing on securing the energy resources in order to attain energy security and stable development.
With shale gas development, China is now hopeful that natural gas would be able to meet nation’s humongous energy demand. Currently coal dominates in China’s energy mix. Global LNG market is also growing at a rapid pace and this is luring China to replace coal with natural gas. As per a white paper published by GE, China could save about $820 billion if it doubles it’s consumption at the cost of coal. China is one of the biggest of importer of the gas. It became a net importer of natural gas in 2007. This rapidly escalated to a different level as Beijing imported almost 29% of it’s natural gas consumption and hiking the import dependency.
In order to limit it’s import dependency, the Asian superpower is also investing in the domestic development of the gas. With huge investment in the pipeline infrastructure China had nearly 27000 miles of main natural gas pipelines at the end of 2011 and had plans to construct 24000 new miles by 2015.
With rapid economic growth comes gigantic demand for energy. China’s condition should be an example to us and plans should be drafted to secure the energy needs and demands for the future so as to achieve #EnergySecureIndia.