Thursday, April 06, 2006

Rising energy worry of China

The rising industrialization has already started to exert its pressure on China. China at present is the second largest consumer of fossil fuel and the largest oil importer after USA. In a recent report published in it was mentioned that because of rapid industrial development china compared to other developed countries requires higher energy consumption per unit. The report also mentioned that in 2006 the import will increase by 900 million barrels.

However, China is also planning to increase its domestic production of oil and coal. To meet the huge energy demands the policy makers are also thinking about nuclear power plants, bio gas, solar and hydro electric power.

It is now clear that in the future energy market China will bring many changes but there are demerits behind these rising energy needs. The more it will industrialize the more it will produce green house gases and pollute the environment.

China's neighbor India is facing the same worry about energy. India has announced to follow an integrated energy policy. The growing energy demand in China and India has only one consequence- increasing oil price in the international market, something which we all hate.