British company Octopus is targeting the renewable electricity market in China

China is both the country in the world that emits the most greenhouse gases in the midst of climate change, but also the one that is investing the most in electric cars and renewable energy infrastructure.

By 2030, the joint venture named Bitong Energy is expected to buy and sell "up to 140 TWh of renewable electricity per year - roughly equivalent to the entire current production of green energy in the UK", Octopus argues in a statement.

The British group, which wants to take advantage of the expected boom in electricity consumption in China over the next five years, is targeting a valuation of more than £500 million (€577 million) and annual profits of around £50 million (€58 million) for this entity.

China has increased its wind and solar capacity exceptionally by 2025, but energy from highly polluting coal and gas-fired power plants has also surged, according to data released Wednesday by the country's National Energy Administration.

Among the objectives set by Beijing, which aims for carbon neutrality by 2060, is the multiplication of wind and solar capacities sixfold compared to 2020 levels, to reach 3.600 gigawatts by 2035.

Chinese car manufacturer Chery has also chosen Liverpool as the location for its European headquarters, according to a statement released Thursday by the northwestern English city, which hopes this will generate "high value-added jobs in engineering, software development, R&D and operational functions".