China is likely to multiply its nuclear capacity over the 20 years thereby becoming the number one nuclear power producing nation in the world. If it so happens, China would be surpassing the United States, according to the IEA (International Energy Agency).
The Agency’s CEO Faith Birol said more than one-third of the 60 nuclear power plants under construction are in China as a result of which Beijing could soon be the number one nation in the list defeating the United States that has been at the top since the 1960s.
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The IEA said the US is currently facing two issues which include lower investments in nuclear power and not doing enough towards the extension of the life of existing plants. Birol said that the US capacity in the field will go from 20 percent to 7 percent. He added that the United States may even face the fate in the field of solar energy.
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Speaking of China’s advancements, Birol said the Chinese are ‘learning by doing’. He added that Beijing is bringing down the costs and focusing on exporting the technology as they have become much more cost-effective in the field. As compared to the other nations developing nuclear energy, China has made its technology affordable and sustainable. As a result of the same, China now poses a threat to the established exporters of technology like the United States, Korea, Japan, and the European nations.
China’s Impact on Nuclear Power Could Affect the Global Market
Birol believes that in the coming years, Beijing will be the main driver behind the reshaping of the global energy market. Giving an example of the same he said that the Chinese government decided to limit usage of coal just five months ago. As a part of the decision, the Chinese decided to move on to liquefied natural gas. This resulted in a rise in imports of LNG by China thereby increasing the prices of LNG from USD 6 to USD 12 in the Asia Pacific region.