The world’s fastest-growing energy market China and world’s biggest oil producer Russia have strengthened their business ties on Tuesday after signing 21 trade agreements, including a new 100 million ton oil supply deal with China’s Sinopec.
Under the new energy deal, Rosneft, the world’s largest-listed oil producer, will supply China with up to 100 million tons of crude oil over 10 years. The agreement is testimony the neighbors have "reached a higher and a brand new level of cooperation,” Prime Minister Dmitry Medvedev said during an online chat with Chinese citizens, Xinhua reported.
Green energy rethink: 'Paying huge amounts of money to do nothing'Rosneft will export through China’s Sinopec, company chief Igor Sechin said. Up to 30 percent of the shipment payments will be prepaid.
We need to stop paying for incredibly expensive green energy, and make sure it gets cheaper as fast as possible, otherwise huge amounts of money will be wasted on doing nothing, Bjorn Lomborg, a professor at Copenhagen Business School, told RT.
Lomborg says: “Whenever you buy an extra solar panel or whenever you subsidize an extra windmill you don’t actually cut carbon emissions, you simply make it cheaper for someone else to use more coal fire power.”
RT: But that’s at the moment. Surely in the future, has it not been predicted that renewables will be the same price as traditional fuels? Europe should invest in that for the future.
BL: Well, Bill, you actually made the point right there. A lot of people are saying the wind and solar is getting cheaper and eventually getting cheaper than fossil fuels but what we then should do, not buy now when it is incredibly expensive, but make sure it gets cheaper faster because we want everyone to transition. And of course, when it’s cheaper it will actually help everyone. But as long as it is much more expensive, which it is right now, it is both hampering Europe but it is also hampering, as the energy giants pointed out, the traditional energy providers because solar and wind are desperately dependent on fossil fuels. Because what we do when the wind doesn’t blow or when the sun doesn’t shine, we use those fossil fuel power plants to make up for the shortfall, it they can’t make their credit limit, if they are not actually profitable, they won’t be there. That’s what Britain is now contending with, they are looking very likely to get a blackout this winter or the next winter.