China Doesn’t Need More Oil
It appears that China has passed the point of peak oil. Its green energy progress has been great enough for that to happen.
*China’s Energy Footprint
According to Semafor, “China may have hit its peak oil demand sooner than expected, analysts told Nikkei Asia. Crude imports shrank by almost 2% last year compared to 2023, the first annual decline in decades.” The media also pointed out that the IEA had forecast China would hit peak oil demand in 2030.
The news is very important. China is the world’s largest polluter by far. Much of it is due to the huge amount of coal it burns. And, for China to prove it is “environmentally” friendly, it needs to reverse that trend.
China’s Solar Trend
And, China is the world’s leader in solar. Wind and solar currently provide 16% of China’s electricity. And, this represents about 33% of the world’s total or about the same as all Japan’s electricity generation from any source. Additionally, The NEA also noted that China’s installed solar electric power-generation capacity rose by a staggering 55.2 percent in 2023.
If China can turn this corner, it is a sign that the US, and possibly Europe could as well. As for India, the world’s third largest polluter, its reliance on coal is tremendous, and those won’t change for decades.
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