China's Xi calls for faster development of new Energy System as Middle East War continues

Xi Jinping, the Chinese president, has called for a rapid planning and construction of a new energy infrastructure to ensure 'the?country’s energy security. This comes weeks after the Iran War that has triggered energy shocks around world.

According to CCTV, the leader of the second largest economy in the world also stressed hydropower development, ecological protection and urged the safe and orderly growth of nuclear energy.

He said that the Party Central Committee, the centre of power of the Communist Party ruling in the country, had a deep understanding of the global energy development trends and made important decisions.

CCTV reported that Xi didn't mention war directly in his remarks.

The United States,?Iran and Pakistan are weighing up a plan, mediated by Pakistan, that could bring an end to their five-week conflict. Meanwhile Tehran is resisting pressure from Washington for a rapid reopening of the Strait?of Hormuz.

COAL - A GREENER ENERGY - AND THE ROLE IT PLAYS

Analysts point out that China has a better position to absorb the rising oil prices. China's energy mix is dominated by coal, which accounts for over half of the total. It has ample oil stocks and imports through the Strait of Hormuz only represent 5% of energy consumption.

"The path that we took to be the first to develop solar and wind power has now proved to be forward-looking." Xi stated that coal-fired energy remains the foundation of the system, and must continue to play a supporting role.

China is the largest emitter of carbon dioxide in the world, and has been a major target for climate initiatives led by the West. China continues to promote coal as a reliable backbone and flexible backup system, while accelerating renewables.

The president emphasized the importance of coal to China's energy mix but said that the country, which is the world's biggest consumer of 'coal', must remain committed to a clean, low carbon development.

CCTV reported that "a greener, more diverse and resilient new energy system would provide a strong assurance for China's economic and energy development as well as energy security."

China started construction on the largest hydropower project in the world last July. It is located at the eastern edge of the Tibetan Plateau.

According to the state-run Xinhua News Agency, construction on a solar thermal plant in Tibet at 4,550 metres altitude was also started on Monday.

(source: Reuters)