China is the world’s largest energy user. If you already knew that, what you may not know is that the average Chinese uses just 3% of the energy that the average American uses. If the average Chinese increases their energy consumption to the level of the average South Koreans (about 17% of the US) then China would use up every single drop of oil being produced in the world.
What’s the point of those stats? Simple. China’s energy strategy is the one to watch and that strategy is one that’s moving away from fossil fuels such as coal, towards green energy of which nuclear is the largest component.
China is already in the process of constructing 28 new reactors, with another 51 planned and a further 120 proposed (world nuclear association). According to the FT and CNN, having approved its 2020 nuclear strategy plan, inspected the country’s current fleet of reactors and finalized new safety standards, China has indicated that it will lift its year-long moratorium on new nuclear projects
According to Guo Shou, energy analyst at Barclays, the 2020 strategy plan approval was the “main hurdle” and that "Approvals for new nuclear reactors are around the corner, they are going to come very, very soon."
You can read CNN’s coverage here.
