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Oil company plans increased spending on clean energy

The Chinese oil company China National Offshore Oil Corporation (CNOOC) plans to increase its spending on clean energy. The plan is to reach the peak of carbon emissions in 2028, with carbon neutrality then to be achieved in 2050, the partly state-owned company announced. The new goals are thus more ambitious than before and go beyond government announcements: Beijing had announced carbon neutrality for 2060. Accordingly, CNOOC plans to increase its spending on renewable energy to between 10 and 15 percent of its total expenditure between the years 2026 and 2030. In the past year and until 2025, this figure has so far been 5 to 10 percent.

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