SINGAPORE/BEIJING - China’s state energy producers outlined initiatives to develop hydrogen and wind power after their earnings slumped along with the oil price in the first half but their renewables projects could take years to materialise.
The world’s largest oil refiner, Sinopec wants to lead China’s hydrogen push, with plans for hydrogen refuelling stations alongside its petrol stations on the east coast, its top executive said this week, but will tread cautiously. The green targets lag those set by European energy majors, as Beijing’s energy policy still views natural gas and low-emission coal as transitional fuels ahead of a more comprehensive renewables push.“It’s a small step in the right direction...Question is how quickly they can make that change,” said Neil Beveridge of Bernstein Research.
The current U.S. administration has unnecessarily set the country back on the road to leading the world in this necessary industry
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