Chinese offshore oil giant CNOOC is planning to develop onshore solar and wind farms as part of its diversification away from oil and gas, reports the South China Morning Post. The company has already made a foray into offshore wind power.
CNOOC was actively pursuing renewable energy projects with a goal to build up annual capacity of at least 5,000 megawatts by 2025, chairman Wang Dongjin said on Thursday.
“We have set up a team to study and formulate our plans to implement carbon reduction targets for 2030 and 2060,” Wang told reporters after CNOOC unveiled a 221% year-on-year jump in first-half net profit to RMB 33.33 billion ($5.1 billion). “We will announce them at a suitable time.”