What’s new: Energy major Huaneng Power International Inc. (600011.SS) said it plans to sharply boost the amount of power it gets from renewable sources like solar and wind over the next five years.
Some 9.6% of the company’s current installed capacity comes from such sources, but it is aiming to raise that to 34% by 2025, the company said at a news briefing on Wednesday to discuss its latest earnings report.
Background: Huadian and other major state-owned enterprises (SOEs) are all discussing their individual development plans for the next five years following Beijing’s unveiling of the nation’s 14th Five Year Plan earlier this month during the annual meeting of China’s national legislature.
A major focus for the next five years will be reducing greenhouse gases, following China’s recent pledges to peak in carbon emissions by 2030 and become carbon-neutral by 2060.
As the source of more than 40% of China’s carbon emissions, power producers like Huadian will have a major role to play in helping the country meet its ambitious targets. China recently committed to bringing its combined installed wind and solar capacities to more than 1.2 terawatts by 2030, greater than its current installed capacity from all sources combined.
Related: Analysis: China’s Power System Needs More Flexibility to Hit Carbon Goals
Contact reporter Yang Ge (geyang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
Follow the Chinese markets in real time with Caixin Global’s new stock database.
