Why China’s green energy strategy may shield it from the Iran war oil shock
As war in the Persian Gulf triggers volatility in global oil markets, Beijing sees its energy system as a stabilising force
Amid the disruption, some governments worldwide have scrambled to roll out emergency measures to conserve energy. China’s long-standing strategy of diversification and self-reliance, meanwhile, has emerged as a structural buffer against such shocks.
The country’s energy self-sufficiency rate has held steady at above 80 per cent, according to a recent book published by the National Development and Reform Commission (NDRC) on the 15th five-year plan, Beijing’s top socio-economic blueprint released last month.
The publication said building a “new-type energy system” was essential to transforming China into an “energy powerhouse” and was a “fundamental necessity for seizing the strategic initiative in global competition”.
“Competition over control of resources, transit corridors and market access is intensifying”, the publication warned, adding that “increased uncertainty” facing China’s energy imports called for stricter risk prevention and control measures.