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China Energy Investment Corp invests $4.08 billion in Q1 2023 to boost clean energy projects

BusinessChina Energy Investment Corp invests $4.08 billion in Q1 2023 to boost clean energy projects

China Energy Investment Corp has achieved its best performance in new energy projects in recent years during the first quarter of 2023, with 1.6 million kilowatts of clean energy projects beginning construction and 2.02 million kilowatts being put into operation. The company’s spokesman, Huang Qing, attributed the success to China Energy’s commitment to ensuring domestic energy security while transitioning to green energy. The company further increased investment with 27.9 billion yuan ($4.08 billion) during the first quarter, a year-on-year increase of 45.8%, 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,” said Huang. The company has 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.

China Energy also vowed to further research and apply 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. China’s commitment to peak carbon dioxide emissions by 2030 will motivate various sectors to upgrade production lines and techniques, according to Zhu Yi, a senior analyst with metals and mining at Bloomberg Intelligence, a market monitor.

China Energy is also working on the construction of its Taizhou CCUS project in East China’s Jiangsu province, which is expected to be operational 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.

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