Study of giant Chinese state-owned companies reveals they are moving faster on climate action than private counterparts
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Combustion Industry News Editor
A study by the Beijing-based Institute of Public and Environmental Affairs of 58 ‘giant’ Chinese state-owned enterprises has found that in general, they are ahead of their private-sector counterparts in terms of planning to transition to low-greenhouse gas operation. Fifty-one of the 58 disclose their climate and emissions data, and more than half have already taken action to reduce emissions. However, only nine have announced emissions reduction targets, while just six have issued formal “climate declarations”, although these include massive power generators Huaneng, Huadian and Datang, all of which aim to peak emissions by 2025. The other three – Baowu Iron and Steel (China’s largest steelmaker), PetroChina and Sinopec – have all set a target of achieving net zero by 2050, an ambition they share (at least on the surface – the Reuters article does not detail the scopes) with many European oil and gas majors. This is a decade earlier than the national target of achieving net zero by 2060. How national climate targets will filter into the wider economy in the short- to medium-term will continue to be of interest, given these encouraging if not yet comprehensive or widespread signs.