Multinationals eye new opportunities in China's green and low-carbon transformation

Guests communicate outside the venue of the fifth Qingdao Multinationals Summit held at Qingdao International Conference Center in Qingdao, east China's Shandong Province, Aug. 28, 2024. (Xinhua/Li Ziheng)

At last week's Qingdao Multinationals Summit, in east China's Shandong Province, "green and low-carbon" is one of the hot topics, with many leaders of multinational corporations believing that China's green and low-carbon transformation is unleashing new opportunities for those to invest and develop in China.

Garrett Motion, a U.S. turbocharger manufacturer, has boosted its investment in zero-emission vehicle technology, with over 50 percent of last year's research and development budget allocated to this field, according to Mark Rodrigues, the company's senior vice president, at the summit that concluded on Thursday.

Rodrigues said Garrett Motion has established a local research system for fuel-cell vehicles in China and plans to gradually expand it. Its global goal of 1 billion U.S. dollars in zero-emission technology by 2030 aligns with China's goal of peaking carbon dioxide emissions by 2030.

The global energy industry is experiencing unprecedented changes and challenges, necessitating technological and model innovations for traditional petrochemical energy companies seeking sustainable development.

Eni Group, headquartered in Italy, is partnering with China on low-carbon energy, clean energy and the circular economy.

In the future, the company hopes to actively participate in China's energy transformation and green development strategy, providing cleaner, more efficient and more reliable energy solutions for the Chinese market through technological innovation, according to Gianni Di Giovanni, chairman of the Eni China.

According to a report released at the summit, multinational corporations are actively integrating into China's green and low-carbon development.

They are leveraging their accumulated advantages and technological capabilities in green, low-carbon and circular economy, getting involved in the energy-saving and carbon reduction transformation of traditional industries in China, including energy, industry, construction and transportation, said the report.

Alstom is one of the world's important manufacturers of rail transit equipment, having established its presence in the Chinese market for over 60 years.

The company attended the summit for the first time as it saw huge potential for growth in the Chinese market, especially in areas such as technological innovation and green intelligence integration.

Geng Ming, Alstom China managing director, said that rail transit, as a green and low-carbon means of transportation, receives warm policy support with huge market demand in China.

Alstom will maximize its technological and innovative advantages, and develop and promote green intelligent transportation solutions, while increasing investment in digital solutions to assist in the intelligent upgrading of China's railway and urban rail systems, Geng said.

In recent years, a new generation of information technology, new-energy vehicles, clean energy, new materials, environmental protection equipment and other emerging industries have flourished in China, nurturing vast market demand.

Kurt Van Rysselberge, head of Bekaert China and VP of Operations Global Engineering and Operational Excellence, said they see huge potential in green buildings, new energy and new materials in China, and the company will invest more to ensure ever-increasing product sales.