China’s State-Owned Energy Companies Embrace Renewables Abroad
China’s major state-owned energy enterprises are redirecting their attention to overseas wind, solar, and hydropower projects. This shift aligns with the Belt and Road Initiative’s increasing investments in renewables, marking a significant move towards a cleaner energy future.
A Decade of Development Paves the Way
After a decade of development, these energy giants, led by China National Petroleum Corp (CNPC), are expanding their horizons. Overseas wind power stations are being established in global oilfields, while solar power stations line the Niger-Benin oil pipeline in Africa.
Renewable Projects in Belt and Road Initiative Countries
State-owned enterprises are actively participating in Belt and Road Initiative (BRI) countries, focusing on renewable energy projects. According to Lu Ruquan, head of CNPC Economics and Technology Research Institute, new energy will undergo substantial growth, reshaping both domestic and international operations of traditional oil and gas companies.
Greenest Overseas Energy Engagement
A report from Fudan University reveals that China’s overseas energy engagement in the first half of 2023 was the “greenest” in terms of project type since the BRI’s inception. Approximately 56% of China’s $8.61 billion investment in BRI countries went into renewables, including solar, wind, and hydropower projects.
Strategic Expansion and Global Milestones
CNPC, after 30 years of overseas development, has surpassed 1 trillion yuan ($139.5 billion) in overseas assets. With revenue reaching 1.5 trillion yuan, the company plays a pivotal role in securing national energy resources. CNPC’s transformation into a global multinational powerhouse signifies its commitment to international energy security.
This strategic move towards renewables reflects China’s commitment to global sustainability and marks a significant transformation in the landscape of international energy investments.
Source：chinadaily.com.cn
