Beijing-based oil major PetroChina, has pledged to become carbon neutral by 2050, media reports said. The commitment comes at a time when the company has incurred a first quarter loss of $4.36 billion due to steep fall in global oil prices and shrinking domestic oil and gas demand.
Company President Duan Liangwe told the media, “In regards to greenhouse gas emission target, PetroChina aimed for near-zero emissions by 2050, and planned to invest in geothermal, wind and solar power, as well as pilot hydrogen projects.”
It is reported that the renowned Chinese oil and gas producer will ramp up its investments for clean energy over the next five years to combat climate change like its European counterparts such as Total and BP.
Furthermore, the company plans to carry out annual investments worth 3 billion to 5 billion yuan between 2021 and 2025. During the period, every year, the investment will be increased up to 10 billion yuan focusing on sectors such as solar, hydrogen and natural gas power.
It is reported that the company’s first quarter revenue slumped 22 percent to 929 billion yuan. However, the crude oil production recorded a 5.2 percent growth to 475.4 million barrels and natural gas production surged 9.4 percent.
The natural gas business also slumped 5.6 percent to 11.83 billion yuan during the period. It is expected that gas imports will see demand in the second quarter. PetroChina has ended its first quarter with losses in crude oil inventories worth 5.3 million tonnes