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China Expects Broader Int'l Cooperation on Energy Projects
With an increasing demand for clean energy, China will head more boldly into international energy exploration and cooperation projects to tap its abundant new and renewable energy resources, according to industry insiders.
At the International Conference for the Development of Energy Efficiency, New and Renewable Energies, that concluded here Tuesday, China announced 59 international cooperation projects involving new and renewable energy development, which include the use of solar energy and the exploitation of wind electricity power and terrestrial heat.
Corrado Clini, director-general of the Global Environment Department with the Italian Ministry of Environment, said at the meeting that China has a huge market for new and renewable energy. It can expect broader international cooperation in the sector, he said.
As both the largest energy user and producer, China solved its energy shortage in the 1990s, and has since been able to maintain a stable energy supply and demand balance, sources said.
However, the heavy dependence on coal, which constitutes 75 percent of the country's energy consumption mix, has created serious environmental problems.
China has adopted preferential policies to encourage the use of new and renewable energy through allowing tax cuts and low- interest loans, according to the meeting.
The country has set a goal to increase the use of clean energy to 2 percent of the country's total energy consumption by 2015, which would be equal to some 43 million tons of coal a year from the present amount, equivalent to 3 million tons of coal.
Sources with the meeting said that China's exploration of new and renewable energy is still at a low level, which is an appealing investment area for foreign partners.
China's energy sector has been open to foreign investors since the 1980s. The power generation industry has taken the lead in the opening-up. Some 17.2 billion U.S. dollars of foreign investment has been in place for thermal power, hydro-power and nuclear power generation projects.
China has placed solar power, wind electric power, and marine energy development on top of the list for inviting foreign capital.
China's intention has been strongly supported by many international investors. The World Bank and the Global Environment Facility have chosen China to pilot a renewable energy strategic partnership project. The Asia Development Bank has also extended loans for the use of biological and solar energy in China.
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