70% of of global incremental energy demand will come from Asia

Over the next two decades more than 70% of global incremental energy demand will come from Asia.

The news was announced at the Annual Meeting of the New Champions 2013, where more than 1,600 participants from 90 different countries took part.

China’s Director of Center of Energy Economics Research, Lin Boqiang, said that because of short domestic supplies, the country will continue its diplomatic efforts in international energy deals.

Coal will dominate the Asian energy sector, despite new renewable technologies (such as solar energy) playing an important role.

Lin said that “one way or the other, we’re going to be dealing with coal for a long time to come.”

Recent water limitations and China’s monopoly of pipeline infrastructure have slowed down gas exploration in the country.

Solar power is expected to play a more important role in the future of Asian energy production. Gao Jifan, Chairman and Chief Executive Officer, Trina Solar (TSL), said that over 70% of solar panels that his company produces are exported, he also commented on US trade embargoes on Chinese‑manufactured solar panels.

Gao said:

“US factories lost their competitiveness and they used WTO rules to raise anti-dumping campaigns against China.”

Energy demand on the rise

Energy demand is expected to increase by more than 35 to 40 percent by 2030.

At the beginning of the 21st century developed countries accounted for two thirds of oil demand, however, within just a decade the split was 50-50. China is currently consuming more energy than the United States.

Innovation is crucial to tackle such high demand. Over the past decade the biggest innovation has been shale gas and “tight oil”. In fact, it has been called the “unconventional revolution in oil and natural gas.”

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