CHINA'S Sinopec has issued 1.1 billion yuan (US$169 million) in bonds to fund its renewable energy development as the company rolls out ambitious plans to boost investments in clean energy. The world's largest refiner is the most aggressive among China's national oil companies in the pursuit of green development and is aiming for net zero carbon emission by 2050, 10 years ahead of the government target. It is also one of the seven Chinese state-owned energy companies to issue carbon-neutral bonds with proceeds totalling 18.2 billion yuan this year. The proceeds raised through the three-year bond will be used to finance more than 70 renewable energy projects covering, wind, solar and geother-mal, Sinopec said. When commissioned, the company aims for these projects to cut carbon dioxide emissions by 362,800 tonnes per annum, sulphur dioxide emissions by 93 tonnes and nitrogen oxide emissions by 98 tonnes, while cutting coal usage by 156,200 tonnes.
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