Ding Xuexiang, China’s Vice-Premier, recently announced a commitment to bolster energy ties with Russia, despite possible U.S. sanctions arising from the Ukrainian crisis. Presented at the Sixth China-Russia Energy Business Forum in Moscow, Ding’s emphasis was on stable energy cooperation, large-scale project development, and improved mutual benefits.
As per the proposed plan, key focuses would be renewable energy, carbon markets, and hydrogen power. Additionally, infrastructure improvements to support these efforts are crucial, tying in with aims for enhancing administrative and technological efficiency.
There was also an emphasis on the necessity of investment in emerging green technologies and rigorous quality controls for maintaining a sustainable energy supply chain. It was suggested that these measures would indeed foster job opportunities, economic growth, and alleviate climate change effects.
A written message from China’s President, Xi Jinping, reiterated China’s dedication to strengthen their energy bond with Russia and contribute to the global energy sector.
Bolstering China-Russia energy partnership amidst sanctions
President Jinping highlighted that enhancing the China-Russia energy relationship would bolster not only individual growth, but also global energy security and sustainability.
Liu Xuesong of China’s Ministry of Commerce stated that both nations are keen on establishing oil pipelines. This statement arrives as the U.S. contemplates more sanctions on China due to its relationships with Russia.
Despite the U.S. sanctions warnings, Zhu Zhiqun, a political science professor at Bucknell University, suggests that China and Russia’s energy collaboration will continue to deepen. In his view, economic pragmatism and strategic cooperation prevail over international diplomatic pressure.
Xu Tianchen, a top economist at the Economist Intelligence Unit, proposed an escalation in green energy collaboration between Russia and China, while also advising China against over-reliance on a single nation for its energy security. Data from the US Energy Information Administration highlighted that Russia served approximately 19% of China’s crude oil import needs, which equates to about 2.5 billion barrels.
Tianchen further emphasized that China should diversify its energy imports to safeguard against geopolitical risks. The establishment of green energy partnerships with various countries could be a sensible approach for China.
