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Energy

Chinese oil majors talk up carbon shift while counting profits

Companies pledge billions of dollars to meet nation's green targets

HONG KONG -- Chinese oil majors have unveiled plans to invest billions of dollars in clean energy through to 2025 to comply with President Xi Jinping's carbon neutrality targets even as oil demand drove their profit recovery in the first half.

The state-owned trio -- China Petroleum & Chemical (Sinopec), PetroChina and CNOOC -- vowed to continue increasing the production and import of natural gas to reduce reliance on oil and cut coal consumption across the world's second largest economy. They also pledged to develop their own non-carbon portfolio including hydrogen stations, wind and solar power.

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