China’s oil producers are reviewing plans for incorporating green energy initiatives, according to the company executives.
PetroChina, CNOOC Limited, and Sinopec Corp have slowed down to think on the terms of sustainability and taking steps toward the impending global clean energy transition.
PetroChina, the biggest oil and gas producer in Asia, has prioritized of near-zero greenhouse gas emissions by 2050, being the first Asian national oil company to uptake the transition to renewables. It has set aside the spending by 5x times, amounting to around $1.5 billion p.a. by the year 2025. Though the breakdown of the sum isn’t out, yet approx. 4% of this year’s spending will target geothermal, gas power generation, and other renewable energy projects.
As part of the common interest, CNOOC Ltd. has targeted to double up on its natural gas production from current 19% to 30% shift before 2025. Additionally, the company has plans to set aside 3-5% of its annual budget toward this goal.
Meanwhile, SINOPEC is gearing up to be the industry leader on hydrogen transition- by investing in the construction of hydrogen refueling stations adjacent to its petrol stations on the east coast of China.
The efforts to combat climate change by the Chinese-based gas and oil producers with the help of local projects is one step forward towards slowing down the climate crisis.