Washington, Dec.3 (ANI): China's oil use could easily reach levels comparable to today's U.S. levels by 2040, according to a new energy study by the Baker Institute.
According to Dallas News, the study's authors said this finding has timely significance because China's growing energy use could continue to pose a major challenge for global climate deliberations in South Africa this week.
The study, "The Rise of China and Its Energy Implications," finds that China's recent efforts at centralizing energy policy do not appear to be significantly more successful than the makeshift patchwork of energy initiatives devised by the United States.
In fact, the study said, the U.S. system of open and competitive private sector investment is stimulating more innovation in the American energy sector than in the Chinese energy industry, especially in the area of unconventional oil and gas.
That, ironically, is attracting Chinese state investment to U.S. shores and prompting Beijing to consider further opening of its oil and gas exploration activities to partnerships with U.S. firms, the study said.
China, like the United States, has substantial potential shale gas resources but faces technical, regulatory and market infrastructure challenges that are likely to delay rapid development.
If China were to mobilize investments in shale gas more quickly, the study said, it could greatly reduce the country's expected large import needs for liquefied natural gas (LNG) from Australia and the Middle East and contribute to a future glut in global natural gas markets. (ANI)
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