• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 6 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 11 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 5 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 9 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Forecasts for Natural Gas
  • 6 days Storage of gas cylinders

China’s Oil Giants Announce Net-Zero Ambitions

China’s largest state-held oil firms have recently announced plans to reduce emissions, with the biggest oil and gas producer PetroChina even pledging net-zero greenhouse gas emissions by 2050, the first such goal announced by an Asian national oil company.

Chinese companies have started to announce some green initiatives, but analysts say that these will not be either the scale and shift to broader energy companies the way some of Europe’s majors such as BP and Eni have pledged.

PetroChina, alongside the world’s top oil refiner Sinopec and China National Offshore Oil Corporation (CNOOC), have announced in recent weeks various plans to become more involved in cleaner energy initiatives, representatives from the companies have told Reuters.

PetroChina unveiled the most ambitious plan, targeting net-zero emissions by 2050. The biggest oil and gas producer in China and in Asia also aims to increase fivefold its investment in power generation, wind, solar, geothermal, and hydrogen projects to up to US$1.5 billion per year by 2025, according to Reuters.

Sinopec is looking to become a major player in the hydrogen industry and build “hydrogen highway corridors” along China’s coast.

According to Chinese media, as many as 12 state firms, including Sinopec and PetroChina’s parent China National Petroleum Corporation (CNPC), are drafting hydrogen plans “believing the cleaner fuel will become a vital sector in the long run.”

CNOOC, for its part, is taking its offshore oil and gas experience to offshore wind with several projects off China’s coasts.

Commenting on PetroChina’s net-zero emissions plan, Max Petrov, Principal Analyst, Corporate Research at Wood Mackenzie, said:

“Some will label this greenwashing. I just don’t see PetroChina ready to embark on the kind of transformation that the likes of BP and Eni have announced. The company’s mandate remains firmly in oil and gas; E&P will continue to dominate the portfolio. Is PetroChina ready to transform its existing profitable businesses? Highly unlikely. But a lot can change in 30 years.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News