Spurred by its growing domestic demand for electricity parallel to its increasing population and rapid urbanization, imports of liquefied natural gas ( LNG ) by China will climb 30 per cent to a record high in 2012.
Quoting a report by Mirae Asset Securities Ltd., Businessweek reported the world's second-largest economy will import at least 13 million metric tonnes of the chilled LNG through the end of the current year.
China, likewise the world's largest consumer of energy, has been actively perusing alternative modes to fill-in its energy requirements as it gets more environmentally conscious after realising the impact of its fuel emission contributions generated by its coal-fired power plants on the environment over the last decade.
In fact, as contained in its five-year plan through 2015, the country made a conscious decision to reduce its carbon dioxide emissions by as much as 17 per cent per unit of gross domestic product during the period.
In the next five years, China will spend $473.1 billion on clean energy investments, aiming for an installed solar energy capacity of 10 gigawatts by the end of the period. It also wants 20 per cent of its total energy demand to be met by wind and solar sources by 2021.
In a paper earlier issued by the Baker Institute, researchers Kenneth B. Medlock and Peter Hartley said that Chinese demand for LNG imports will greatly influence global supply and demand, as well as market prices, by 2040.
Asia will account for 59 per cent of global LNG demand, with China leading at 24 per cent of all global LNG imports, the researchers said.
Mirae said China will sign more long-term deals with Australia, Indonesia, Qatar and Malaysia for a steady supply of the natural gas.
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