Jiangsu reports first deal of green power trading

2021-09-08 13:38:00

Following the launch of Implement Scheme of Renewable Electricity Pilot Trade with the approval of National Development and Reform Commission, BASF-YPC and CGN New Energy Holdings reached a landmark deal of green power trading in Jiangsu Power Exchange Center on September 7, the first of its kind in Jiangsu Province.

BASF-YPC, a joint venture of BASF and SINOPEC, will purchase 107 million kWh of photovoltaic power generated by CGN New Energy Holdings before the end of next year. The renewable energy will be provided by solar photovoltaics fields.

(CFP Photo)

Regarded as a role model of successful Sino-German cooperation, BASF-YPC is dedicated to sustainable development and has played a leading role in reducing carbon footprint. The deal means BASF-YPC will cut the carbon emissions of 70,000 tons per year as it improves performance in the area of environmental protection.

“It’s a perfect fit with our ambitions for sustainable growth and with the targets of our parent companies to realize carbon neutrality by 2050. We are also supporting our customers to reach their sustainability goals and reduce the carbon footprint of their entire product value chain,” said Bram Jansen, President of BASF-YPC.