China and the UK to bolster energy cooperation

Cooperation between China and the UK has witnessed remarkable progress in renewable energy to shed light on more opportunity for the two sides to harness the full potential of clean energy and combat climate change, an official said at a new energy international cooperation forum on Tuesday in Beijing.

The new energy forum, as part of the 2017 International Industrial Capacity Cooperation Forum and the 9th China Overseas Investment Fair, focused on pursuing the Belt and Road Initiative and boosting global cooperation on production capacity.

"The economies of the two nations are complementary in the clean energy market and technologies," said Catriona Knox, the commercial counselor of the British Embassy in China.

Being endowed with unique geographical advantages, the country enjoys one of the best locations for wind power in the world that could use the world's most powerful offshore wind turbines to generate power for itself, as well as worldwide, Knox said.

In 2015, China and the UK signed a Clean Energy Partnership, as part of efforts to boost the two countries' cooperation in low-carbon research and industry.

Knox said the agreement has helped each to find the right solutions to deliver clean, secure and affordable energy for all. Now, China and the UK need to reiterate their commitment to further promote cooperation in sharing expertise in technology and innovation to secure new business.

"To lower the costs of renewable energy could help our country to better achieve the goal of 2020 renewable energy strategy," Knox added. She believed that kind of achievement will be inseparably intertwined with China's investment.

This year, the Beijing-headquartered, State-owned enterprise China Three Gorges Corporation engaged in a renewable energy project initiated by a Scottish company, said Wan Ming, a staff member from China Three Gorges Corporation.

A growing number of Chinese companies are involved in renewable energy investment overseas, which are largely dominated by SOEs, including China General Nuclear Power Corporation and China Huadian Corporation.

Knox said she expects that to continue in the near future. It is expected to encourage more investment in clean technologies, which in turn could help to reduce their costs in both countries.

China's investment in the green energy sector reached $87.8 billion last year, ranking first in the world, according to a report released by China Economic Information Service.

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