PetroChina, China’s second-largest refiner, said it will endeavor to achieve peak carbon emissions by around 2025 and “near-zero” emissions by around 2050.

To achieve these targets, PetroChina said it will carry out five development strategies: innovation, resources, market, internationalization, and green and low-carbon.

“While complying with laws and regulation and laying a solid foundation for safety and environmental protection, the company will deepen reform and innovation and endeavor to develop its core businesses. The company will also actively explore a green and low-carbon transformation model and focus on digital transformation and the development of artificial intelligence, constantly enhancing its quality and profitability, and work hard to maximize returns to shareholders,” the company said.

In 2020, PetroChina’s total amount of greenhouse gas emissions decreased by 3.8% year-on-year. The ratio of PetroChina’s natural gas output rose to 47.2%; natural gas output reached 3,993.8 billion cubic feet, representing an increase of 9.9% year-on-year. The company’s total domestic oil and natural gas equivalent output was 1,409.7 million barrels, representing an increase of 4.8% year-on-year.

Seizing the opportunity of China being the first major economy to achieve positive economic growth despite the global pandemic in 2020, PetroChina said it took full advantage of the comparative strength of its oil and gas industrial supply chains, by vigorously implementing measures to enhance quality and profitability.

“By dealing with the challenges brought by the pandemic and low oil price through ultra-normal measures, the company achieved better-than-expected operating results. Under the International Financial Reporting Standards, PetroChina achieved a revenue of RMB1,933,836 million (USD295,849 million) and net profit of RMB19,006 million (USD2,907 million), a 58% drop from the previous year and the lowest in four years, following a decline in oil and gas lifting cost by 8.3%. Nonetheless, PetroChina declared a cash dividend for the full year of RMB32 billion (USD4.9 billion), representing an increase of 21.7% year-on-year.

PetroChina said it “attaches significant importance towards ensuring a return for shareholders.”