Asia’s Biggest Oil and Gas Producer Has a Brand New Future Without (!) Oil and Gas

PetroChina, Asia’s largest oil and gas producer, has pledged to cut down emissions to near zero by the year 2050, triggered by a drastic net loss and a hit to demands due to COVID-19.

“The company faced unprecedented challenges in production and operations because of the steep fall in global domestic oil prices and shrinking gas demand,” says Dai Houliang, Chairman of PetroChina.

Now the company decided to be better prepared for the future -and make the world a better place at the same time: It plans on investing in solar, wind, and geothermal power, as well as piloting hydrogen projects. They intend to spend between half a billion and 730 million dollars annually on these sectors, including solar, hydrogen, and natural gas power generation from 2021 to 2025. Eventually, they plan on spending up to 1,5 billion dollars a year.