The first quarter of 2023 kicked off with a record in new energy projects for China Energy Investment Corp, as the company stepped up the green energy transition while ensuring domestic energy security, the company said on Friday.
China Energy Investment Corp, or China Energy, saw 1.6 million kilowatts of clean energy projects start construction and 2.02 million kilowatts put into operation during the first three months of this year, achieving its best performance in the same period in recent years, said Huang Qing, spokesman of the company.
The company further stepped up investment during the first quarter with 27.9 billion yuan ($4.08 billion), a year-on-year increase of 45.8 percent, as China's overall economic operation improves.
"Ensuring energy security has always been a primary task for China Energy. The company will further step up energy supplies, while continuously boosting the clean energy project layout," he said.
The company has also been accelerating the construction of massive wind and solar power facilities as well as hydropower station construction and pumped storage hydropower projects while pushing forward the clean utilization of coal, it said.
The company vows to further research and application of the combination of renewable energy and energy storage, as well as the integration of clean coal power and carbon capture, utilization and storage (CCUS), which it sees as one of the most effective ways for China to achieve deep emission cuts.
The company will continue the comprehensive layout of key core and cutting-edge technologies for CCUS in China, said Huang.
The company currently operates the Jinjie CCUS project in Shaanxi province and the Datong CCUS project in Shanxi province, which capture and store carbon dioxide emissions from coal-fired power plants.
Zhu Yi, a senior analyst with metals and mining at Bloomberg Intelligence, a market monitor, said China's commitment to peak carbon dioxide emissions by 2030 will motivate various sectors to upgrade production lines and techniques.
The company is currently working on the construction of its Taizhou CCUS project in East China's Jiangsu province, which is expected to be put into operation in May. As the largest of its kind under construction in Asia, the project is expected to significantly contribute to the country's efforts to reduce greenhouse gas emissions and promote sustainable development, said the company.
