Sinopec says China can become energy independent

The key is reducing energy intensity.

Sinopec Chairman Fu Chengyu claims China can become self-sufficient in energy, but needs to focus on reducing the energy intensity as it industrializes its economy. China's energy intensity is twice the world's average and that is big potential for implementing energy efficiency.

"China has to go with industrialization which consumes less energy," he said.

Wind, hydropower, solar and other types of low-carbon energy were also growing fast in China, he said. But it will take a while for government policy to accommodate both traditional fossil fuel energy and renewables.

China’s ambitious targets to promote renewable energy include deriving 11% of its electricity from non-fossil fuels by 2015. Chinese leaders, however, said that future energy policy will focus both on conserving energy and changing the energy mix.

To reach this goal, China will impose taxes for resource consumption and fines for ecological damage. China will also start trial trading systems for energy savings, carbon emission rights, pollution discharge rights and water rights.