Sinopec is investing at least $14.5 billion in the renewable energy sector through 2025, as it aims to become China’s top player in the emerging hydrogen market.
for much of its energy needs. In response, state-owned energy majors have started ramping up their renewable energy investments.
China's national hydrogen plan aims to have at least 50,000 fuel cell vehicles on the road by 2025, up from around 12,000 at the end of 2022, requiring a widespread network of hydrogen refueling stations. Sinopec has also launched a green hydrogen project in Inner Mongolia to fuel a coal-processing plant. It aims to reduce the plant's carbon dioxide emissions by around 1.4 million tonnes per year.
The wind platform, placed over 100 kilometers from the shore of Hainan province, is projected to generate 22 million kilowatt-hours a year on average.
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