China National Petroleum Corp makes historic breakthroughs in new energy development

China National Petroleum Corp, the country's largest oil and gas producer and supplier, made historic breakthroughs in the scale of new energy development last year, with renewable power generation capacity surging 3.4 times that of 2022, the company said on Thursday.

The company witnessed a 60 percent increase in the production of new materials, which are now considered critical to the development of high-tech industries.

The new materials industry is considered an important entry point for building new growth engines, the Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission said earlier.

The company has also been stepping up developing carbon capture, utilization and storage (CCUS) projects in recent years and has injected more than 1.5 million metric tons of carbon dioxide last year, it said.

These are part of the company's efforts in constructing a diversified clean energy supply system. With an eye on peaking carbon by 2025 and achieving carbon neutrality by 2050, the company has been pushing forward clean energy, including solar power, wind power, hydrogen, geothermal and the application of CCUS to ensure the capacity of new energy business to account for half of its total business by 2050, it said.