Energy majors fully embracing green wave

Oil demand set to fall as country speeds up building of renewable power plants

China's oil giants are planning to ramp up green energy production and use more sustainable, low-carbon methods in oil production to reach carbon neutrality, as the future of the country's energy sector is likely to lie in greener alternatives.

With oil demand set to fall due to the country's decarbonization drive, China National Petroleum Corp, the country's largest oil and gas producer by annual output, aims to further optimize its production structure while diversifying its business in the years to come to meet the country's growing demand for clean energy.

The company has been stepping up forays into wind and solar energy, while gearing up in the integrative development of carbon capture, utilization and storage to help reduce emissions from the existing fossil fuel sector. CCUS and green power are expected to play key roles in both developing and developed countries in the years to come.