Energy cooperation in B&R cited as novel way to achieve growth and power security
Print Edition
China鈥檚 Belt and Road initiative proposed has built an international platform for energy cooperation which benefits the economic development of participating countries, the president of the International Energy Forum has said.
Energy cooperation is a unique way for the countries participating in the B&R to achieve economic growth and energy security at the same time, Sun Xiansheng, secretary general of the IEF, said in an exclusive interview during CERAWeek, an annual energy meeting in Houston.
鈥淭he cooperation can also help substantially improve the living standards of those countries, create a large volume of jobs and train professionals,鈥 Sun added.
He said he believed that the B&R closely connects with the global energy governance. 鈥淏uilding a community of shared future in the field of energy is the common interest of all participating countries,鈥 he noted.
Looking into the future, Sun believed the IEF provided a feasible platform for all members to share information, build trust and address common challenges, such as sustainable development, climate change and energy security.
鈥淧eople to people exchange is vital for the implementation and promotion of energy projects in different countries. With the help of IEF, China has more opportunities to communicate with Belt and Road-related countries to further carry forward energy projects that are beneficial for all,鈥 Sun commented.
Talking about China鈥檚 energy security, Sun argued that China should emphasize international cooperation and energy efficiency at the same time.
Since 68 percent of oil and more than 39 percent of natural gas used in China nowadays are imported, the ability to be self-reliant will be hard to achieve, Sun said.
The international cooperation comes through state-run companies and private firms that have an investment in China, as well as other companies worldwide, the secretary general said.
Sun said big changes in the energy industry have emerged with the substantial contributions that shale oil and gas bring to the market.
Increased oil production in the United States, in large part shale oil, has brought big changes to the industry. These changes have enabled China to reduce its imports from the Middle East in favor of the shale oil, Sun said. 鈥淭he production center moves to the west and the consumer center moves to the east.鈥
Another factor that can help China ensure its energy security is improved energy efficiency. If the country can reduce its energy consumption by about 50 percent it would move closer to Germany in energy efficiency, Sun said.
鈥淭hat鈥檚 a real big number. Of course, there鈥檚 a long way to go for China, including making efforts in awareness of energy efficiency and some other education, for example, urging people not to choose a big house or big car.鈥
The 72-member IEF is a neutral facilitator of informal, open, informed and continuing global energy dialogue. Accounting for around 90 percent of global supply and demand for oil and gas, it aims to foster greater mutual understanding and awareness of common energy interests among its members.
CERAWeek is an annual energy meeting held by the London-based information company IHS Markit featuring prominent speakers from energy, technology and financial sectors. This year鈥檚 meeting, which kicked off on Monday last week in Houston, was attended by more than 3,000 guests from over 50 countries and regions.
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