Energy enterprises are charting a new course, setting up wind, solar and hydropower projects overseas to ride the wave of a cleaner, greener future — China Daily
BEIJING: China’s large state-owned energy companies are focusing on wind, solar and hydropower projects overseas at a time when energy forms the largest share of investments under the Belt and Road Initiative (BRI), with most of that money going into renewables, a senior official says.
After 10 years of development, these energy enterprises are charting a new course, setting up wind, solar and hydropower projects overseas to ride the wave of a cleaner, greener future, said Lu Ruquan, head of the China National Petroleum Corp Economics and Technology Research Institute.
These enterprises are playing a key role and coming up with more renewable energy (RE) projects in countries and regions participating in the initiative, Lu said.
China National Petroleum Corp (CNPC), the country’s largest oil and gas producer, has set up wind power stations at its oil fields scattered across the world, and solar power stations along its Niger-Benin oil pipeline in Africa, he said.
Lu said new energy will grow by leaps and bounds in the next decade, helping China’s technology and manufacturing capabilities to facilitate a faster global energy transition, which will also reshape the domestic and international businesses of traditional oil and gas companies such as CNPC.
China’s overseas energy engagement in other BRI countries in the first half of 2023 was the “greenest” in terms of project type since its start, according to a report by Green Finance and Development Centre at Fudan University in Shanghai. — China Daily/ANN
