CATL, a prominent lithium battery company in China, is broadening its scope to include wind and photovoltaic power stations, with a newfound emphasis on carbon asset management.
According to Chinese company profile platform Tinyancha, CATL has launched a subsidiary named Times Carbon Asset Management. This fully-owned entity by Times Green Energy, another CATL subsidiary specializing in clean energy services and renewable energy projects, is dedicated to carbon management endeavors, such as emissions reduction and carbon capture technologies development.
Initially a joint venture between CATL and Yongfu Shares, Times Green Energy saw CATL increasing its stake in 2022 to attain full control. The company is presently engaged in several wind and solar power initiatives, including the Ningde Deep Water A Area Offshore Wind Farm, aligning with CATL's strategy to secure a green power supply primarily sourced from renewable energy.
Currently, Times Green Energy is focused on developing and operating solar power stations, with investments in projects totaling an installed capacity of 418 MW. These encompass rooftop solar installations for five of CATL's factories and other clients, including Tencent's Shanghai Data Center.
Moreover, Times Green Energy recently completed the connection of a 250 MW solar power project in Jining, Shandong, to the grid—a critical component for CATL's operations in the region, where the company aims to establish a new battery production base.
The development of these renewable energy projects, coupled with their green power output, plays a pivotal role in CATL's zero-carbon strategy. The company has announced plans to achieve carbon neutrality in its core operations by 2025 and across its value chain by 2035, progressively increasing the proportion of green power in its production process.
In 2022, CATL's Scope 1 and Scope 2 carbon emissions totaled 3.24 million tons, with Scope 2 accounting for 81% of the total emissions. Monitoring the carbon footprint of battery products has become an industry trend, prompting CATL and other lithium battery companies to set zero-carbon targets.
New regulations mandated by the EU require power batteries sold in Europe to declare their product carbon footprint by February 2025 and meet relevant carbon footprint limit requirements by February 2028, further driving the industry towards sustainability measures.
