CATL, a leading Lithium battery company based in China, is venturing into the renewable energy domain by establishing new subsidiaries focused on wind and photovoltaic power stations. The firm is also focusing on managing carbon assets.
According to reports from the Chinese company profile platform Tinyancha, CATL has launched a subsidiary named ‘Times Carbon Asset Management’. This new entity operates under the ownership of Times Green Energy, another CATL subsidiary dedicated to clean energy services and renewable energy projects. The primary mission of Times Carbon Asset Management is to delve into carbon management efforts, encompassing emission reduction strategies and advancing carbon capture technologies.
It was formed as a joint venture between CATL and Yongfu Shares, Times Green Energy witnessed CATL acquiring full ownership in 2022. The company is actively involved in various wind and solar power initiatives, including the notable Ningde Deep Water A Area Offshore Wind Farm project. These undertakings align with CATL’s overarching strategy to secure a sustainable power supply predominantly sourced from renewable energy outlets.
Times Green Energy is currently focusing on developing and operating solar power stations, with investments in projects amounting to an installed capacity of 418 MW. These projects encompass rooftop solar installations for five of CATL’s factories and other prestigious clients, such as Tencent’s Shanghai Data Center.
In addition to these initiatives, Times Green Energy recently completed the connection of a 250 MW solar power project in Jining, Shandong, to the grid. This project holds significant importance for CATL’s regional operations, particularly as the company eyes the establishment of a new battery production base in the area.
The advancement of wind and solar power station projects play a pivotal role in CATL’s zero-carbon strategy. The company aims to achieve carbon neutrality in its core operations by 2025 and extend this goal across its entire value chain by 2035. CATL has been progressively increasing the proportion of green power in its production process, rising from 22% in 2021 to 26.6% in 2022.
As per the firm, in 2022, CATL’s Scope 1 and Scope 2 carbon emissions totaled 3.24 million tons, with Scope 2 emissions accounting for 81% of the total. Scope 1 emissions refer to direct emissions from the company’s operations, while Scope 2 emissions stem from indirect sources, such as purchased energy.
It may be noted that the EU’s new regulations mandate that power batteries sold in Europe must declare their carbon footprint by February 2025 and comply with relevant carbon footprint limits by February 2028.