CNPC boosts green drive with net-zero pledge

摘要

CHINA National Petroleum Corporation (CNPC) is aiming for net zero carbon dioxide emission by 2050 as part of the state oil giant's green development strategy. Vice president Jiao Fangzhen told a recent energy conference in Beijing that, in its low-carbon transition, the country's top oil and gas producer will focus more on the development of solar, wind and hydrogen energy, while continuing to pursue natural gas exploration and production. In the first one or two years during the 14th five-year economic development period (2021-2025), CNPC will raise its investments in solar, hydrogen and geothermal projects as well as gas-based power utilities, having earmarked an outlay of 10 billion yuan ($1.54 billion) per annum to develop such projects. This is up to five times the amount of capital the company has spent on new energy development in recent years.