The U.S. is the largest consumer of energy in the world. With energy use growing at 15 percent per year, China is catching up rapidly. Together, the US and China account for nearly 50% of global energy demand, and create a similar percentage of greenhouse gas emissions.
The energy issue affects our economies, our environment and the health of our people. As the world’s largest petroleum importers, the U.S. and China are vulnerable to global supply shocks and have a common interest in working together to secure future energy supplies.
The technologies exist to improve efficiency, reduce pollution and greenhouse gases and diversify supplies. Both nations will benefit greatly and create enormous economic opportunities by investing in smart energy technologies and clean energy sources. But we aren’t moving ahead quickly enough to get ahead of the problem.
China is adding over 1,000-megawatts of electrical generating capacity each week. The vast majority utilize older, less efficient coal technology. In the U.S., we haven’t agreed on a regulatory framework that will give utilities the confidence to make rational, long-term investments in clean technologies.
Over the next 20 years, China’s vehicle fleet will grow from 37 million automobiles and light trucks to 370 million, greatly increasing the strain on oil supplies and the environment. The U.S. fleet will grow from 225 million to over 300 million.
Both countries understand our common interests and have pledged to cooperate. However, the fact is two largest energy users in the world are stymied by export regulations, intellectual property issues and financing hurdles. The time is now to address—and resolve—these issues. If China and the U.S. can agree, it will create a model that can adopted by countries worldwide.
This is not about adopting any particular form of technology, but rather creating an ongoing dialogue of leaders from the two countries focused on removing impediments and facilitating cooperation. It is designed to be an intense focus on how we can translate good intentions into near-term action.