CNOOC, China’s third-largest oil company, will boost spending on renewable energy by up to 10% per year to 2025, as it eyes returns that are similar to the oil and gas business. By 2050, CNOOC is targeting at least 50% of earnings from new energy.
Petronas, which has yet to make a firm carbon-neutral pledge, sees significant growth ahead for solar and wind, particularly as a hedge against volatile fossil fuel prices, Jay Mariyappan, head of the state-backed Malaysian company’s new energy business told the APAC power and renewables summit.
New energy suppliers will have to show they have adequate financial resources and can meet customer service obligations under proposals by the regulator.
Europe's biggest oil companies, reeling from losing billions in the two-year oil market rout, are intensifying their push into renewable energy as they hunt for new sources of future revenue.