A senior Chinese energy researcher said this week that his country will accelerate its move away from coal because of rising prices and environmental concerns. The report from Zhou Dadi, director of the Energy Research Institute, did not set a specific target for reducing China’s overwhelming dependence on coal for generating energy, with the comparatively dirty commodity accounting for nearly 70 per cent of overall production.
But with natural gas accounting for just 3 per cent of energy production, there is tremendous scope for growth in Chinese consumption, National Bank Financial says.
Environmental worries will push China toward natural gas, the bank said in a note, adding that sulphur dioxide emissions have soared so much that rain falling in parts of the country is nearly as acidic as vinegar.
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