Energy & Resources Talking Points | 13/04/2018

In Todays Talking Points: India, China, Japan to expand cooperation in the energy sector; China becomes a ‘driving power’ for solar energy with $86.5 billion invested last year; China-Philippines oil and gas exploration deal for the South China Sea “near’; Chinese vice premier stresses natural resource development, protection

India, China, Japan to expand cooperation in the energy sector

India, China, Japan and Korea have agreed to increase collaboration in the energy sector, primarily in business to the business segment, said Dharmendra Pradhan at the conclusion of the International Energy Forum. He believes co-operation between oil-consuming nations is necessary as oil-producing countries charge Asian premium from India, China and others for supplying petroleum. IOC chairman Sanjiv Singh and Chairman of China National Petroleum Corporation have been designated to work on the issue of Asian premiums. Li Fanrong, Deputy Administrator from the National Energy Administration of China said India and China can work together as both energy consumers as well as energy producers.

Read more at: Moneycontrol

China becomes a ‘driving power’ for solar energy with $86.5 billion invested last year

The world has invested $2.9 trillion in green energy resources since 2004, and according to new research, China is now leading the way in recent years, pushing for more solar power. According to the “Global Trends in Renewable Energy Investment 2018” report released by UN Environment, China invested the largest amount of money in renewables last year, at $126.6 billion. This is an increase of 31 percent from 2016. However, other countries saw a drop in renewables investment. For example, U.S investment decreased by 6 percent whilst Europe also cut back on investment by 36%.

Read more at: CNBC

China-Philippines oil and gas exploration deal for South China Sea “near.’

Philippine Foreign Secretary Alan Peter Cayetano said that Beijing and Manila have accepted each other’s red lines’ regarding sovereignty claims. The basis of cooperation has been a promise from China that it will not build new installations on the Scarborough Shoal. The top Philippine diplomat said the start of exploration efforts for oil and gas was ‘quite near’ depending on where China would agree to a legal framework on the process.

Read more at : SCMP

Chinese vice premier stresses natural resource development, protection

Chinese Vice Premier Han Zheng has demanded efforts to balance development and protection of natural resources. Han, a member of the Standing Committee, made the remarks following an inspection at the newly-formed Ministry of Natural Resource. He said efforts should be made to arrange the ministry’s resources to ensure improved environmental protection, restoration and management. He also urged for the ministry to accelerate the establishment of mechanisms to improve environmental protection and balance resource development and protection.

Read more at:Xinhua