China Russia Photo: Xinhua

China and Russia on Wednesday agreed to deepen cooperation on renewable energy, hydrogen energy, energy storage and carbon markets as they seek to expand into new areas of energy cooperation to boost the energy transition.

In a joint communique issued following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin, China and Russia reiterated that they will expand the high-quality and in-depth development of energy cooperation, ensure the sustained development of energy trade and carry out cooperation on building supporting infrastructure.

With its vast territory, Russia has great potential in the development of new energy such as solar power and wind power. China has developed world-leading new-energy industrial chains, with exports of electric vehicles, lithium-ion batteries and photovoltaic products showing rapid growth. There is vast room for cooperation in those sectors, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Thursday.

Analysts said that the two countries are expected to strengthen mutual investment and cooperation in the green energy field, with each other's advantages to bring win-win results. 

"Since China-Russia trade exceeded $240 billion in 2023, the two sides have been making efforts to find new growth points. Deepening integrated cooperation among the upstream, midstream and downstream segments of the green energy sector means opportunities for both sides and the world as a whole," Zhang Hong, an associate research fellow at the Institute of Russian, Eastern European and Central Asian Studies of the Chinese Academy of Social Sciences, told the Global Times on Thursday.

This year marks the 75th anniversary of diplomatic ties and the beginning of the China-Russia Years of Culture. China-Russia relations have been moving forward steadily, with enhanced comprehensive strategic coordination and cooperation on the economy and in trade, investment, energy and other fields.