China continues to step up investment in new energy

BEIJING - Chinese Premier Wen Jiabao on Monday addressed the 5th World Future Energy Summit in Abu Dhabi and reaffirmed China's stand on clean and renewable energy.

His speech showcased China's unremitting support for new energy and unwavering determination to guarantee its energy security, mitigate global warming, facilitate the development of a green economy and safeguard sustainable growth.

In a world increasingly restrained by the shortage of natural resources, exploring energy options for the future is an urgent issue for not only China, but also other responsible members of the international community.

Both China and other countries must find reliable alternatives to fossil fuels, while addressing other problems related to energy such as international financial turmoil, climate change, regional political instability and inequality.

For China, an oil-importing country expecting long-term economic growth, supporting renewable and sustainable energy is a natural choice and a necessary path toward sustainable development.

To back up the fast-growing economy, China has to secure sufficient and stable energy supply by upgrading its energy structure, improving energy efficiency and pushing for a low-carbon economy.

Also at the energy summit, Chinese Premier Wen Jiabao outlined the specific targets for China to increase the proportion of non-fossil fuels in overall primary energy use, lower energy consumption and reduce CO2 emissions by 2015. Although it will be a costly journey to achieve the goal, China will never waver in its determination.

In the past years, China has introduced a number of regulatory and financial incentives, including subsidies for on-grid electricity generated from renewable energy sources, bank loans, and a multi-billion stimulus fund for clean energy technologies and carbon emission reductions.

With strong government support, China is now the largest hydropower producer in the world and has the fastest growth in wind and solar energy, and the largest scale of nuclear energy projects under construction.

China's quickened steps in developing clean energy create abundant opportunities for international cooperation. Many clean energy companies in oil-rich Arab countries have invested in China, while dozens of Chinese enterprises in the clean energy sector joined the energy summit this week to look for opportunities of export and foreign investment.

It is without any doubt that the development of clean and renewable energy will open a new dimension of cooperation between China and the rest of the world.