Firms plan green energy push globally

A couple of Chinese energy companies unveiled new business plans at the Summer Davos Forum — and experts promptly hailed them, saying they will drive sustainability and renewable energy adoption on a larger scale, besides bolstering the green transformation of the global energy sector.

Contemporary Amperex Technology Co Ltd, the world's largest electric vehicle battery maker, announced it is considering setting up multiple EV battery recycling stations with a European partner.

"We are finding global partners. For example, in the recycling business, we are talking to a European partner. I cannot tell who, but we are looking at setting up recycling sites, not just one, but (many) sites in Europe," CATL Chief Manufacturing Officer Ni Jun told China Daily on Wednesday.

According to Ni, CATL is also looking for partners in North America. "The circular economy needs to do it locally," he said.

According to Ni, CATL recycles over 99 percent of nickel, cobalt and manganese used in its batteries, and the corresponding rate for lithium is more than 90 percent.

The battery maker has a strong foundation in battery recycling, established years ago. In 2021, its subsidiary Brunp Recycling invested about 32 billion yuan ($4.4 billion) in Yichang, Hubei province, to set up an industrial park to recycle and produce batteries. The company said last year it had 21 recycling units across China, giving it the largest share of the domestic market.

In January, CATL announced a planned project in Foshan, Guangdong province, to recycle and produce EV batteries, with investment totaling no more than 23.8 billion yuan.

Analysts said that as a global leader in EV batteries, it is important for CATL to form a closed-loop industrial chain in Europe by expanding into the recycling sector, following the company's investment in battery manufacturing bases in Germany and Hungary.

"Chinese companies play a very important role in the world's transition to green energy. They contributed largely to the cost reduction and massive production of solar and wind power facilities, as well as batteries, which is beneficial to not only China but the rest of the world, and that will keep happening," said Roberto Bocca, head of energy and materials at the World Economic Forum and a member of the WEF executive committee.

"Currently, there are many successful attempts in areas of new energy power generation and transmission. Going forward, there is great potential to be explored on the demand side of energy. There are certain industries whose productions require high energy intensity, and innovating in this field to ensure both production efficiency and reduced energy consumption will bring new development opportunities to many businesses," he said.

Jinko Solar Co has also expressed its intention to further expand overseas at the Summer Davos Forum, and is currently seeking sites. The company said that in order to further reduce the expense of using solar power and make new energy more accessible for both household and industrial users, it will increase its investment in the energy storage sector.

Energy storage plays a crucial role in ensuring the reliability and stability of energy supply, especially in renewable energy systems.

Qian Jing, vice-president of Jinko Solar, said: "Against the backdrop of global green transformation driven by new energy production, the decarbonization goals do not mean an increase in costs, but rather a new round of robust development, which will present great opportunities (to generate new growth points).

"For enterprises, energy conservation and emission reduction have become growth opportunities rather than additional cost pressures, as solar power and energy storage technologies underwent accelerated upgrading and innovation."

Qian said in the future, enterprises and countries that take up a leading position in green and sustainable development will be at the forefront of the next round of global economic growth.