China's 'One Belt, One Road' offers energy security for Asia and beyond

China's fast economic growth in the past 30 years has dramatically transformed the global landscape. This transformation will only continue under the "One Belt, One Road" initiative set out by President Xi Jinping .

This proposed initiative will propel China and the region towards a more dynamic economic system. At home, "One Belt, One Road" will connect the inland areas, furthering their development to the levels seen in cities such as Beijing, Shanghai, Shenzhen and Guangzhou. Beyond China, the initiative will create stronger links of energy, transport and information along the historical Silk Road that connects Europe to the Middle East to Asia, and the Maritime Silk Road that encompasses Southeast Asia, Oceania and East Africa.

These connections will integrate markets into a dynamic economic system and offer the chance to improve the regional security situation. They will also transform the regional energy landscape.

Currently, Asia faces several energy needs. Its growing countries are demanding more energy as well as energy-intensive products such as iron, steel, cement, electric appliances and cars. They are also increasingly looking to adopt clean energy. This fast-growing energy consumption requires more reliable and efficient infrastructure and markets.

To meet the rapidly rising demand that comes with the region's economic development and is fuelling it, Asia's investment in the oil, gas and power sectors could be as high as US$10 trillion over the next 20 years, according to the International Energy Agency.

Through the "One Belt, One Road" initiative, China will help to offset some of these major challenges. It will invest in energy projects ranging from upstream projects, oil and gas pipelines, and liquefied natural gas terminals to high-voltage power lines, nuclear power and renewable energy. It will create a more efficient and better integrated energy network.