Currently, China contributes 28% of total global carbon emissions, with a goal to achieve carbon neutrality by 2060, and hit peak carbon emissions before 2030.
Currently, China contributes 28% of total global carbon emissions, with a goal to achieve carbon neutrality by 2060, and hit peak carbon emissions before 2030.
Two integrated oil and gas companies play critical roles in helping China to achieve its carbon-neutral target. However, there was little clarity around their business strategy or action plans to align with China’s 2060 carbon-neutral pledge.
In collaboration with Climate Action 100+ , we engaged with both companies to help them further progress their climate disclosures and action plans.
Positive outcomes so far include one of the companies investing in green hydrogen production (most of China’s hydrogen is presently carbon-intensive grey or brown hydrogen), disclosing scope 1 and 2 emissions for the first time in its 2019 ESG report, and committing to increased capital expenditure around clean energy by 2050. They publicly stated a Net Zero target by 2050 and announced plans to invest in geothermal, wind, solar and pilot hydrogen projects.
