Page 12 - AsiaElec Week 24 2022
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AsiaElec DECARBONISATION AsiaElec
CNPC targets long-term
shift in energy
CHINA STATE-OWNED China National Petroleum around CNY2.2bn ($330mn) on new energy in
Corp. (CNPC) has said that it will target clean 2021, and while it intends to double this in 2022,
energies making up half its output by 2050 as the that still falls considerably short of the $2-3bn
country works towards achieving carbon neu- per year that Shell is intending to spend on the
trality by 2060. energy transition.
The target was referenced in CNPC’s environ- All of China’s state-owned giants are having
mental protection report, which it published on to adjust their energy transition strategies in
its website this week. The company said it wants response to Beijing setting its net-zero target
half of its output by 2050 to consist of energy in 2020. PetroChina and Sinopec are targeting
forms comprising hydrogen, geothermal and net-zero emissions from their operations by
clean power. 2050, while CNOOC Ltd is aiming for 2060, in
Additionally, CNPC is aiming to cut methane line with the national goal. The push to decar-
emissions from its operations. It had previously bonise includes a growing shift towards natural
set a target of halving its methane intensity by gas, while Sinopec is also expanding its hydro-
2025 compared with 2019 levels. In the environ- gen operations and CNOOC is investing into
mental protection report, it said would also aim offshore wind.
for a further 20% cut by 2035 compared with However, the net-zero targets the Chinese
2025 levels. companies are pursuing do not include Scope
CNPC’s listed arm, PetroChina, said in 3 emissions, or those emissions generated by
March that it will also aim for new energies to end-use of their products by customers, which
make up half of its production by 2050. Bloomb- account for the largest proportion of their car-
erg noted that thus far, PetroChina is trailing bon footprints. Not including Scope 3 emissions
European super-majors when it comes to spend- in decarbonisation targets makes it easier to keep
ing on the energy transition. PetroChina spent producing oil and gas up to 2050 and beyond.
P12 www. NEWSBASE .com Week 24 15•June•2022
