(ECNS) -- German chemical giant BASF announced on Tuesday that its six plants in Shanghai, Jiangsu and Guangdong will participate in the trade of purchasing renewable electricity directly.
The company is planning to purchase about 440,000 MWh of renewable electricity by 2025 and achieve net-zero emissions by 2050.
BASF will maximize the use of renewable energy in its production bases in Greater China to realize the company's climate protection goals and at the same time make a more active contribution to China's dual-carbon goals, said Stephan Kothrade, President and Chairman of BASF Greater China.
In renewable electricity trading, participants directly trade with wind power and photovoltaic power generation projects, according to the National Development and Reform Commission of China (NDRC).
China is endeavoring to advance market-oriented reforms to guide consumption of renewable electricity and highlight its environmental value.
All the income will be used to spur the development and consumption of this green cause, according to the NDRC.
BASF is the largest such purchaser in the Yangtze River Delta region and the second-largest purchaser in the Pearl River Delta.
