State Power Investment Corporation Limited and Alibaba Reach Agreement

On July 5, State Power Investment Corporation Limited (SPIC) and Alibaba Group signed a strategic cooperation agreement along with eight implementation agreements.

Daniel Zhang, Chairman and CEO of Alibaba Group, spoke of the deal: “It is the general trend for the energy industry to move towards digitalization and intelligence in an all-round way. Alibaba and SPIC have the same vision and complementary strategic resources, and will be able to share social responsibilities.”

Specifically, Alibaba will help the SPIC conduct the digital transformation, digital base of operations and innovate the utilization of new energy resources in rural areas. Meanwhile, the SPIC will help Alibaba‘s carbon neutrality goal by carbon reductions in its operations, value chain, and overall business ecology.

The two sides will jointly establish industry paradigms such as “new energy + data center”, “new energy + new retail”, “new energy + logistics” and “new energy + office park”. At the same time, the two sides will jointly explore the digital solution of county energy, and explore the new ecology of rural revitalization by combining the development of distributed photovoltaic devices in county with smart agriculture and rural tourism in mind.

The SPIC is one of the three major nuclear power development and construction operators in China, and the only comprehensive energy enterprise group in China with hydropower, thermal power, nuclear power, new energy and other power assets at its disposal. After China announced its national carbon peak and carbon neutrality goals, the SPIC was the first state-owned enterprise to announce its “peak carbon dioxide emissions” time frame, which should see the corporation achieve its domestic peak carbon dioxide emissions goals in 2023.

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Alibaba released its carbon neutralization action report at the end of 2021. The report stated that the company will achieve its own carbon neutrality in 2030 and halve the carbon emission intensity of upstream and downstream value chains. Further, with the power of its platform, it will drive an ecological carbon reduction of 1.5 billion tons within the next 15 years.