Cnooc aims to peak its CO₂ emissions by 2028
Cnooc ramps up wind development
Chinese state oil company following in footsteps of European counterparts as it looks to decarbonise its portfolio
Chinese state-controlled oil giant Cnooc is spending billions to ramp up offshore wind power development, as it joins fellow hydrocarbons firms at home and in Europe in boosting renewable energy investment. Cnooc, China’s second-biggest oil and gas producer, aims to peak its CO₂ emissions by 2028 and reach carbon-neutrality by mid-century—targets that are a respective two and ten years earlier than those set for China as a whole by President Xi Jinping. As part of this decarbonisation drive, the Shanghai and Hong Kong-listed NOC has said it will boost capex on renewable energy to 5-10pc/yr by 2025, up from c.1pc last year, and lift it further to 10-15pc in the second half of this decade. Bas
Also in this section
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
10 December 2024
Tightened standards have helped improve the outlook for the voluntary carbon market, which is set for a record year and poised for long-term growth
