Conch Cement, China’s largest cement producer, plans to invest 5 billion yuan (about $791 million) this year to build renewable energy power plants at its enterprises and achieve the goals set by the authorities to achieve carbon neutrality, Chinese media reported.
Based in the eastern province of Anhui, the company has set a target of up to 1 GW of installed photovoltaic capacity by the end of the year, with an annual output of up to 100 million kWh.
As of November last year, the generation capacity was only 180 MW, Chinese media write.
The funds will be used to build solar power plants and various energy storage projects at the company’s enterprises to switch to a completely environmentally friendly mode of operation.
According to the resource, in the future, emission rights in the cement, steel and aluminum industries will be included in the national carbon market, which began work in July last year.