PetroChina, China’s biggest oil and gas producer, posted net profits of RMB 92.17 billion ($14.53 billion) in 2021, the largest since 2014 and nearly a five-fold increase on 2020, thanks to a recovering global economy, reports Reuters. The firm also announced aims to have renewable energies constitute a third of its portfolio by 2035 and 50% by 2050.
Emissions of greenhouse gases were 159.54 million tonnes of carbon dioxide equivalent in 2021, down 4.7% from a year ago. PetroChina has aimed to bring its carbon emissions to a peak by around 2025 and reach near zero emissions by 2050, ahead of China’s national target of peaking carbon by 2030 and achieving carbon neutrality by 2060.
It also plans to raise the output of natural gas, a bridge fuel in the energy transition, to account for 55% of its total oil and gas production by 2025, up from current 51.6%, said Dai Houliang, chairman of PetroChina.