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Cnooc aims to peak its CO₂ emissions by 2028
China Cnooc Wind Carbon capture Decarbonisation
Shi Weijun
Shanghai
4 October 2022
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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

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Also in this section
US DoE tests DAC technologies
31 March 2023
Two field tests of solid amine sorbent-based DAC systems are currently underway in an effort to increase efficiency and lower costs
Voluntary carbon markets’ growth challenges
31 March 2023
Conference participants voice concerns over public perception and difficulties integrating carbon instruments into broad investment portfolios
UK eyes Cbam as net-zero push accelerates
30 March 2023
Government consults on measures to tackle carbon leakage as it ramps up domestic decarbonisation efforts
Canada extends CCUS tax credit to British Columbia
29 March 2023
Support currently only available to projects in Alberta and Saskatchewan to be extended as part of C$520mn package of policy enhancements

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