China’s CNOOC to boost renewables spend, eyes offshore wind

China’s CNOOC to boost renewables spend, eyes offshore wind

CNOOC, China’s third-largest oil company, will boost spending on renewable energy by up to 10% per year to 2025, as it eyes returns that are similar to the oil and gas business. By 2050, CNOOC is targeting at least 50% of earnings from new energy.

CNOOC announced its latest renewable energy ambitions yesterday during its first half 2021 financial results that saw interim net profit more than triple from last year as oil prices rebounded.

Previously, CNOOC had set a goal of spending 5% every year to 2025 on new energy projects as the national oil company aimed to slash its carbon footprint while shifting its focus to pumping more natural gas than oil.