BEIJING, Sept. 14 (UPI) -- China and the United States agreed Wednesday to intensify developing new and renewable energy resources to meet increasing demands.
Zhang Guobao, vice minister of the National Development, Reform Commission and Karen Harbert Assistant Secretary of the U.S. Department of Energy met in the capital of East China's Zhejiang Province during the second round of Sino-U.S. energy policy dialogue to discuss further energy cooperation, China Daily reported.
As the world's two major energy producers and consumers, China and the United States face similar challenges and have great potential for cooperation, said Zhang.
"China and the United States consume one-third of the world's total oil and natural gas, so their cooperation in the sector will surely help stabilize the soaring crude oil prices in the international market," said Han Meng, an economic researcher at the Chinese Academy of Social Sciences.
The NRDC and the U.S. Department of Energy signed off on a bilateral energy deal last year in Washington. Statistics from the NRDC report there are about 20 joint Sino-U.S. oil and gas exploration projects in China, with a total U.S. investment of $5 billion.
