PetroChina on track to peak carbon emissions, double output powered by low-carbon energy: top executives

PetroChina, the nation’s largest oil and gas producer, is on track to reach its goal to peak carbon emissions next year and is confident it can double the contribution of low-carbon energy to total output capacity over two years, its top leaders said.

As it reported its annual results on Monday, the Beijing-based energy titan unveiled a new target of having low-carbon energy account for 7 per cent of total energy production capacity by next year, up from 3.6 per cent last year. Previously, the company has said it aims to have low-carbon energy account for a third of total output capacity by 2035, rising to 50 per cent by 2050.

“We are accelerating our effort on a batch of low-carbon energy projects, some of which are being implemented while others are in the approval process,” Huang Yongzhang, the company’s president and executive director, said on Wednesday. “By optimising the production processes and through electrification of energy supply, we are on track to achieve our goal to peak emissions by around next year.”

PetroChina’s total greenhouse gas emissions – those traceable to its own operating activities and externally procured energy – rose 6.6 per cent to 171.18 million tonnes of carbon-dioxide equivalent last year, compared with 2022, nearly matching the pre-pandemic level of 174 million tonnes in 2019, according to its latest sustainability report.

Huang said the higher emissions were due to revamps to reduce refined oil output and lift chemical production amid reduced demand due to China’s electrification of road transport.

“However, decarbonisation is high up on our agenda, and management’s internal performance evaluation includes results on energy consumption and emissions reduction,” he said.