China’s Oil Giants Bet On Low-Carbon Drive

While reporting materially higher profits thanks to increased oil demand and prices this year, China’s top oil firms tout the acceleration of investment in low-carbon energy sources as part of strategies to comply with the Chinese target of carbon neutrality by 2060. China Petroleum & Chemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC), and PetroChina all reported significantly higher profits for the first half of 2021, and an increased focus on research, development, and plans for low-carbon energy sources,…