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China’s ‘dinosaur’ state-owned enterprises make a green pivot

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: China's state-owned enterprises (SOEs), once considered inefficient "dinosaurs," are making a significant shift towards green energy 
This transformation is aiding China in progressing towards energy independence and advancing in clean technologies

🔭 The context: This shift is partly driven by President Xi Jinping’s 2020 climate pledges, with China aiming to peak CO₂ emissions by 2030 and achieve net-zero emissions by 2060 
The SOEs, which contribute 66% to China's GDP, are leveraging their scale and resources to develop renewable energy, especially in remote areas

🌍 Why it matters for the planet: China's pivot towards renewable energy is significant given its status as the world's largest emitter of greenhouse gases 
The investment in renewables and rapid transport electrification suggest that China may reach its emissions peak before 2030

⏭️ What's next: Chinese SOEs are increasingly investing in new technologies, including start-ups, indicating a more innovative approach

💬 One quote: "Reliability is the most important thing. They don’t want to make their portfolios too risky," (Simeng Deng, Rystad Energy)

📈 One stat: Renewable energy share in China's electricity generation increased from 29% in 2013 to about 50% in 2023

Click for more news covering the latest on environmental sustainability

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