PetroChina, Sinopec, and CNOOC are working on the early stages of their green initiatives. PetroChina plans in 2025 to spend $1.5 billion/year on a mix of gas, the geothermal, wind, and solar power generation, as well as hydrogen projects, increasing by over five-fold from the current spending. Last week, PetroChina became the first Asian state-owned firm which set a target to cut greenhouse gas emission to near zero by 2050. The company also
PetroChina is working on geothermal and biofuels pilot projects in northern China and is committed to continuing investment in those sectors. The company and Shenergy Group also formed a hydrogen joint venture which it holds a 40% interest.
Sinopec has announced a commitment to be a hydrogen industry leader. The company has a 3 million tons/year hydrogen capacity and plans to establish hydrogen refuelling stations alongside its 30,000 pump stations in China’s east coast. In August, the company invested in photovoltaic glass producer Fengyang Silicon Valley Intelligence Co., marking its first investment in solar.
CNOOC closed its renewable unit in 2014 but revived it recently and planned to spend 3% to 5% of its annual budget on the sector. It intends to start up its first offshore wind farm off Jiangsu province by the end of 2020. It also plans similar projects in Shandong and Guangdong provinces.
