Author: Liz Lee and Claire Fu
BEIJING/SINGAPORE, April 6 (Reuters) – The war in Iran triggered a global energy shock, and Chinese President Xi Jinping called for accelerating the planning and construction of a new energy system to ensure national energy security.
Leaders of the world’s second-largest economy also emphasized hydropower development and ecological protection while urging the safe and orderly expansion of nuclear power, state broadcaster CCTV reported on Monday.
“The Party Central Committee has a profound grasp of the world’s energy development trends, deeply promotes new energy security strategies, and makes major decisions,” he said, referring to the center of power of the ruling Communist Party.
Xi’s speech, quoted by CCTV, did not directly mention the war.
The United States and Iran have been weighing a Pakistan-brokered plan that could end their five-week conflict, even as Tehran resists pressure to quickly reopen the Strait of Hormuz.
The role of coal and green energy
Analysts pointed out that China is relatively more capable of digesting the impact of rising oil prices. Coal accounts for more than half of the energy mix, while oil stocks are sufficient, and imports through the Strait of Hormuz only account for about 5% of total energy consumption.
Facts have proved that our pioneering development of wind power and solar energy is forward-looking. At the same time, coal power remains the foundation of our energy system and must continue to play a supporting role. “
China has more than half of the world’s coal-fired power generation capacity, making it the largest carbon emitter, a problem that Western-led climate initiatives have long grappled with. The country continues to position coal power as a reliability mainstay and flexible backup system even as it accelerates the development of renewable energy.
While he emphasized coal’s role in China’s energy mix, the president said China, the world’s largest coal consumer, must remain committed to clean, low-carbon development.
“A greener, more diversified and more resilient new energy system will provide a strong guarantee for China’s energy security and economic development,” CCTV said.
In July last year, China began construction of the world’s largest hydropower dam on the eastern edge of the Tibetan Plateau.
Construction of a solar thermal power plant to be built by China General Nuclear Power Group at an altitude of 4,550 meters in Tibet also began on Monday, the official Xinhua News Agency reported.
(Reporting by Liz Lee in Beijing and Claire Fu in Singapore; Editing by Janane Venkatraman)
