China: Environmental, economic shift to transform energy demand
In the next 30 years, natural gas will be the fastest-growing energy product in China, with demand reaching about 520 billion cubic meters in 2030 and 800 billion cu m in 2050, said the Chinese Academy of Social Sciences.
According to its recent report on China’s energy prospects, the next 30 years will witness a huge structural change in China’s energy demand, owing to the combined effects of supply-side reform and economic growth path changes. By 2050, coal will account for less than 40 percent of the nation’s energy demand, while the ratio of natural gas will increase sharply to more than 20 percent.
‘China’s economy has shifted from a high-speed growth stage to a high-quality development stage. Promoting green development, establishing a sound economic system with green and low-carbon recycling, as well as strengthening energy saving, and environmental protection and clean energy industries are the future trend, which offer great opportunities for the development of natural gas industry,’ said Cai Fang, deputy head of CASS.
As the government increases its requirements in environmental protection, the concept of green development is deeply rooted in people’s minds, and the development of the natural gas industry has entered the fast track. Statistics from the National Development and Reform Commission showed that in 2017, China’s natural gas consumption surged by 15.3 percent to 237.3 billion cu m.
China will become the world’s top importer of natural gas in 2019, thanks to liquefied natural gas purchases, as its superpower economy develops and weans itself off coal-generated energy, according to the International Energy Agency, Reuters reported.
In its Gas 2018 annual report, the IEA said between 2017 and 2023, China’s demand for natural gas will increase by almost 60 percent to 376 billion cu m, including a rise in its LNG imports to 93 billion cu m by 2023 from 51 billion cu m in 2017.
Source: The Central People’s Government of the People’s Republic of China