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The Energy Challenge
In China, it is said that "good fortune may forebode bad luck, which may in turn disguise good fortune." That's a good way to describe the high hopes and difficult challenges surrounding the future of energy.
Within Shell, in addition to my business accountabilities, I have regional responsibilities for our activities in the Asia Pacific region. As such, I am a regular visitor to China, a country whose development continues to amaze and who exemplifies the sustainable development challenge facing the world today.
So this morning here in Oxford, I'll discuss the broader energy challenge, but I will also highlight the particular impact of China's tremendous growth.
'The energy challenge
The energy challenge has been a theme for Shell for quite some time, and we express it in terms of "hard truths." I'll discuss four of these today.
The first hard truth is, of course, that global demand for primary energy is growing at an accelerated rate.