While we are cutting defense spending and wasting billions on “green” energy, China is increasing their defense spending and fracking their asses off:
China will increase military spending by 10.7 per cent this year to 720.2 billion yuan (US$115.7 billion), the government announced on Tuesday, building on a nearly unbroken succession of double-digit rises in the defence budget across two decades.
The government also announced that the domestic security budget would rise 8.7 per cent to 769.1 billion yuan, the third year in a row it will outstrip defence spending.
“We should accelerate the modernisation of national defence and the armed forces so as to strengthen China’s defence and military capabilities,” Premier Wen Jiabao said in remarks prepared for delivery ahead of the start of China’s annual meeting of parliament.
“We should resolutely uphold China’s sovereignty, security and territorial integrity and ensure its peaceful development,” he added.
In an effort to promote this cleaner fuel, the Chinese government has announced goals to increase shale gas production to 2.1 trillion cubic feet by 2020 from effectively nothing today. This could help the country meet its target of increasing natural gas’ share of total energy from 4 percent to 10 percent.
As China ramps up its efforts to tap into its unconventional natural gas resources, there are growing concerns from both environmental groups and the industry itself, according to Nature.
The U.S. has been able to turn around decades of declining natural gas production with the introduction of two key engineering tools – hydraulic fracturing, or fracking, and horizontal drilling – which have helped it tap into vast unconventional resources.
According to the U.S. Energy Information Administration, the country holds around 862 trillion cubic feet of technically recoverable shale gas reserves, along with another 272 trillion cubic feet of conventional reserves.
But the EIA’s estimates for China blow even that enormous number out of the water, with the country boating almost 1.3 quadrillion cubic feet of shale gas on top of an already impressive 107 trillion cubic feet of conventional reserves.