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TotalEnergies eyes wider footprint in Chinese renewables market

By ZHENG XIN | China Daily | Updated: 2024-02-22 09:27
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The logo of French oil and gas company TotalEnergies is seen at the company's headquarters skyscraper in the financial and business district of La Defense, near Paris, France Sept 14, 2023. [Photo/Agencies]

Multinational energy company TotalEnergies is eyeing expansion in China, especially in the renewables business, as the nation intensifies efforts to transition toward cleaner energy sources, a top company executive said.

As a key player in China for over four decades, TotalEnergies will continuously leverage its experience and expertise to propel the growth of renewable energy projects in the country, said TotalEnergies China Country Chair Yu Yongjian.

"Our business, starting from offshore oil and gas exploration and refining, has expanded to the entire energy industry value chain, including a network of retail service stations, production and distribution of lubricants and battery and energy storage solutions, to better serve our customers in China," Yu said. "We share common vision and enthusiasm with the country on cleaner energies, which sets the ground for mutual success."

As part of its expansion strategy, TotalEnergies has been increasing its footprint to cover more of the renewable business in China. The company has already developed more than 1 gigawatt of distributed photovoltaic projects in the country, contributing significantly to China's renewable energy capacity.

In addition to solar initiatives, TotalEnergies is also looking to accelerate the development of wind energy projects in the country. Collaborating with local partners, the company aims to harness the vast potential of wind power to meet China's increasing demand for cleaner and sustainable energy.

To align with the nation's push toward sustainable transportation and the growing popularity of electric vehicles, it has also formed a joint venture with China Three Gorges to develop high-power charging infrastructure for electric mobility, which is already a leading player in Wuhan, Hubei province.

Multinational energy companies' expansion in the renewable energy sector in China is expected to strengthen their position as leading contributors to the country's green transition, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.

The move also underscores the global energy industry's recognition of the importance of collaborative efforts to address climate change and promote cleaner energy solutions, he said.

According to Yu, the company is also actively pursuing projects in e-mobility, biofuels as well as hydrogen energy to support China's progressive shift toward net-zero.

"We are committed to stepping up our presence in the renewable energy sector, teamed up with Chinese partners," he said.

As the world's third-largest LNG player, TotalEnergies has also supplied more than 5 million metric tons per annum of liquefied natural gas to the country in 2023, he added.

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