China Coal Giant Plans a Surge in Clean Energy Spending
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China Shenhua Energy Co., the country’s largest listed coal company, plans to shift nearly half its capital spending to clean energy by the end of the decade as the country seeks to peak carbon emissions.
The company plans to spend at least 40% of its annual capital expenditures on renewable energy by 2030, up from 0.08% last year, it said in its Environmental, Social and Governance Report Friday. Shenhua, which mines coal and burns it in power plants, plans to peak emissions by 2025 and achieve carbon neutrality by 2060. Its emissions were 177 million tons in 2021, not including those from coal it sold to other companies.