Oil demand in China will peak in 2030 at 780 million tons annually, up from earlier estimates by the state oil company suggesting that demand would peak at 730 million tons annually in 2025, reported Reuters. Demand for fuel however is expected to peak in 2025 at 390 million tons per year as electric vehicles take off in the Chinese market.
Coal consumption is also expected to peak in 2030 in what is the world’s largest consumer of coal. According to the IEA, China accounts for more than half of the world’s coal consumption.
In China’s Mid-Century Long-Term Low Greenhouse Gas Emission Development Strategy submitted to the UN the stated goal was to gradually reduce coal consumption in the 15th five-year plan from 2026 to 2030, replacing it with more environmentally friendly natural gas.
The document also foresees the banning of all use of coal for electricity generation by 2035.
It is not clear whether the latest report from the state oil company supersedes the policy document presented to the UN.
Natural gas in China is expected to peak in 2040 at levels of 650 billion cubic meters annually.
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