PetroChina Q3 briefing included the annoucement to invest us$1.5bn annually between 2021 & 2025.
PetroChina plans to spend about Yuan 10 billion ($1.49 billion) annually in the next five years for low carbon emission transitions as part of the company's effort to meet Beijing's call for carbon neutrality by 2050, Wei Fang, Assistant Secretary to the Board & Head of Investor Relations, said during the company's Q3 result briefing.
Wei said the company targets to achieve near zero emission by 2050 and is currently drafting the new green and low carbon development plan in line with PetroChina's 14th Five-Year Plan for 2021-25. "We go to build low carbon energy equals fairly with integrated development of fossil fuel and clean energy," Wei said.
In the next five years, PetroChina will focus more on integrated natural gas and power, geothermal, wind power as well as solar energy, Wei said, adding that it will launch pilot projects in hydrogen energy value chain.
