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PetroChina unveils ‘near zero’ emissions ambition
PetroChina has become the first national oil company (NOC) in the world to announce plans to meet ‘near zero’ net emissions by 2050 and invest in geothermal, wind and solar power, as well as pilot hydrogen projects.
Commenting on the news, Wood Mackenzie’s Principal Analyst Max Petrov says: ‘PetroChina's announcement is illuminating even if details are lacking. It reveals one of the more ambitious paths the company could take to remain competitive and relevant in 30 years’ time. A statement of intent from the world's largest oil and gas spender and one of the biggest hydrocarbon producers should not be dismissed lightly.’
He continues: ‘PetroChina has started to address its ambition on climate change risk mitigation, but not the transition plan. It currently spends approximately $300mn on new energy initiatives, just 1% of overall budget. Management plans to raise this to $500–750mn over the next five years, increasing again to $1.5bn in the second half of this decade. But even as absolute spend rise, PetroChina will need to go further given its scale and global reach. Low carbon investment will need to greatly accelerate beyond 2025 if the company is to get close to its near zero carbon ambition.’
For more on this, see Petroleum Review’s forthcoming November 2020 issue.