August 20, 2021 Read More →

CNOOC sets renewable energy target of 5,000 megawatts by 2025

South China Morning Post:

After making a foray into offshore wind power, CNOOC now plans to develop onshore solar and wind farms as part of its diversification from oil and gas.

The Chinese offshore oil and gas giant was actively pursuing renewable energy projects with a goal to build up annual capacity of at least 5,000 megawatts by 2025, chairman Wang Dongjin said on Thursday.

“We have set up a team to study and formulate our plans to implement carbon reduction targets for 2030 and 2060,” Wang told reporters after CNOOC unveiled a 221 per cent year-on-year jump in first-half net profit to 33.33 billion yuan (US$5.1 billion). “We will announce them at a suitable time.”

The target is part of the state-backed company’s contribution towards the nation’s goals of reaching peak carbon dioxide emissions by 2030 and net zero emission by 2060. China was the world’s largest emitter of the gas accounting for 30.7 per cent of the total last year, according to international oil giant BP.

[Eric Ng]

More: Chinese offshore oil giant CNOOC sets renewable energy goal to aid nation’s decarbonization efforts

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