PetroChina [PTR:US], China’s largest oil and gas producer, committed that renewables will account for one-third of its energy portfolio by 2035 and 50% by 2050, as reported by Reuters on April 1. The state-owned enterprise’s chief financial officer, Chai Shouping, stated the company will utilize wind, solar, and geothermal resources in its main production and exploration regions to help the country achieve net-zero emissions by 2060. By 2025, the company plans to raise the share of natural gas in its total oil and gas output from 51.6% in 2021 to 55%, in a move to reduce its carbon footprint.
PetroChina recorded RMB92.17bn (USD14.53bn) in the net profit for 2021, nearly five times that of 2020 levels and its highest since 2014. Attributed to the profit increase due to the rise in global energy prices last year, PetroChina could increase its efforts in developing renewables and other carbon-reduction projects. As of now, the firm has launched 39 low-carbon projects, covering renewable energies, hydrogen, and carbon capture and utilization. In the long run, it expected the investment in low-carbon energy projects to make up one-third of its overall spending by 2035. The company aims to peak its carbon dioxide emissions by 2025 and reach near-zero emissions by 2050. According to PetroChina’s environmental, social, and governance (ESG) report for 2021, its greenhouse gas (GHG) emissions declined 4.7% YoY to 159.54m tons of carbon dioxide equivalents last year.