Cnooc ramps up wind development

Chinese state oil company following in footsteps of European counterparts as it looks to decarbonise its portfolio

Chinese state-controlled oil giant Cnooc is spending billions to ramp up offshore wind power development, as it joins fellow hydrocarbons firms at home and in Europe in boosting renewable energy investment. Cnooc, China’s second-biggest oil and gas producer, aims to peak its CO₂ emissions by 2028 and reach carbon-neutrality by mid-century—targets that are a respective two and ten years earlier than those set for China as a whole by President Xi Jinping. As part of this decarbonisation drive, the Shanghai and Hong Kong-listed NOC has said it will boost capex on renewable energy to 5-10pc/yr by 2025, up from c.1pc last year, and lift it further to 10-15pc in the second half of this decade. Bas