PetroChina Plans to Boost Renewables Output, Posts Biggest Profit in 7 Years

PetroChina made commitments to reach carbon neutrality by 2050, 10  years ahead of China's 2060 goal, by having renewable energies consist of one-third of its portfolio by 2035.

Muyu Xu and Chen Aizhu, Reuters

China's largest oil and gas producer, PetroChina, said on March 31 it aimed to have renewable energies make up one-third of its energy portfolio by 2035 and 50% by 2050. PetroChina has aimed to bring its carbon emissions to a peak by around 2025 and reach net-zero emissions by 2050, ahead of China's national target of peaking carbon by 2030 and achieving carbon neutrality by 2060.

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