China's energy and water prices are distorted to varying degrees

In a high-level forum on China's development, newly appointed Minister of Finance Lou Jiwei emphasized the need to address the distortion in energy and water prices. He pointed out that current pricing mechanisms are too low, leading to excessive consumption and inefficient resource use. According to him, it is crucial for market prices to reflect true costs, including environmental impacts, and he advocated for the introduction of carbon taxes as a key tool to achieve this. A comprehensive report titled “China in 2030: Building a Modern, Harmonious and Creative High-income Society,” jointly released by the Ministry of Finance, the Development Research Center of the State Council, and the World Bank, highlighted that energy, water, raw materials, and natural resources in China are still priced below their actual value. These distortions fail to account for environmental damage and scarcity, resulting in high resource consumption, waste, and pollution. Over the past decade, the cost of environmental degradation has approached 10% of GDP, with China now being one of the largest energy consumers and carbon emitters globally. The report recommends shifting economic growth away from heavy reliance on resource use and pollution. It suggests implementing market-based tools such as taxation, emissions trading, and eco-labels to encourage sustainable practices. The report also stressed the importance of aligning market prices with social costs, such as including taxes in the pricing of oil, water, and coal. BASF Europe’s executive board member Bocaci proposed that China should establish a market-driven system to set reasonable prices for energy and carbon emissions, along with strict oversight to ensure effective implementation. He emphasized that these changes should be gradual and non-disruptive. Meanwhile, discussions included phasing out subsidies, increasing pollution taxes, and eliminating export tax rebates on high-pollution goods. There was also a focus on ensuring that all mining companies—state or private—pay fair resource fees. Total Group’s CEO Ma Jierui noted that global energy demand is expected to rise by 34% to 35% by 2035, with fossil fuels still playing a significant role. To meet future energy needs at affordable prices, China must invest in innovation and technological progress across the entire energy ecosystem. Yang Hua of China National Offshore Oil Corporation echoed this sentiment, stating that traditional fossil fuels are not obsolete but can be used more efficiently through innovation and improved technology. Nicholas Stern, a professor at the London School of Economics, suggested that China could tackle environmental issues through tax reforms, particularly carbon taxation. He argued that increased tax revenue could fund green projects, urbanization, and sustainable development. BASF Europe’s Bokezi introduced the European Emissions Trading System (ETS), suggesting that a similar mechanism could help regulate carbon emissions effectively. By allowing carbon credits to be traded like commodities, the market could drive more responsible energy use. Royal Dutch Shell’s CEO Rui Fusai added that countries worldwide are exploring carbon taxation and emissions trading systems. He called for a global framework to create a unified pricing mechanism that would support a more stable and sustainable global energy landscape.

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