央视网消息（新闻联播）："中国能源转型与新能源发展"主题边会日前在《联合国气候变化框架公约》 第三十次缔约方大会（COP30）"中国角"举行，发布《中国能源转型展望2025》《中国绿证发展报告》 等成果文件。中国代表表示，中国坚持以实际行动应对全球气候变化，为全球能源转型提供中国方案。 国际人士对中国在发展可再生能源、推动能源转型合作方面作出的贡献表示赞赏。 ...

Core Viewpoint - The event during COP30 emphasized the importance of renewable energy in achieving global low-carbon development and the need for collaboration between countries, particularly between Brazil and China, to promote sustainable development and technological advancement [3][5]. Group 1: Event Overview - The event titled "Promoting Global Low-Carbon Development through Renewable Energy in the Context of Climate Change" was co-hosted by the China Investment Association, the Renewable Energy Committee of the China Energy Research Society, and the One Earth Natural Foundation of Shenzhen [1]. - The conference gathered representatives from international organizations, research institutions, and key industry enterprises to discuss the synergy between renewable energy production and consumption, as well as technological innovation and application [1]. Group 2: Key Insights from Speakers - Brazilian Ambassador to China, Marcos Galvão, highlighted the need to translate the commitments of the Paris Agreement into concrete actions, emphasizing that the global proliferation of renewable energy is crucial for achieving climate goals [3]. - Experts discussed global renewable energy development trends and the potential for emissions reduction, advocating for collaborative goals and technological innovation to drive energy system transformation [3]. - The China 21st Century Agenda Management Center presented a research outcome titled "China's Carbon Neutral Technology Development Roadmap," focusing on technology research and development, standard formulation, and industrial implementation [3]. Group 3: Roundtable Discussion Highlights - Industry leaders discussed the need for customized solutions combining multi-energy systems and energy efficiency management technologies to enhance renewable energy application in industrial sectors [4]. - There was a consensus on the necessity to promote the industrialization of biofuels and green hydrogen technologies, along with establishing a comprehensive standard system from raw material supply to end-use applications [4]. - Recommendations included creating differentiated incentives and outcome-oriented support policies to balance energy security, economic costs, and low-carbon objectives [4]. Group 4: Future Outlook - The event underscored the importance of collaboration between energy production and consumption sectors, with a call for the industrial, transportation, and building sectors to join in carbon reduction efforts [5]. - The conference served as a platform for sharing practical experiences and exploring feasible paths for renewable energy and low-carbon development, reinforcing the consensus on collaborative transformation [5]. - With accelerating technological advancements, improved policy mechanisms, and deepened international cooperation, renewable energy is expected to play a more significant role in global low-carbon transitions and in achieving the goals of the Paris Agreement [5].

西班牙《国家报》网站报道截图 文章举例说，在宁夏回族自治区，一条电力线路跨越山脉、高原与山谷，直抵湖南省的工业重镇衡阳。 电流沿着1600多公里的电缆和铁塔奔涌不息，这正是中国用于保障电网安全、重塑能源格局的特高压直 流通道。在全力推进生态转型的过程中，这项技术正重塑中国的能源版图。 西班牙《国家报》网站近日刊文称，为确保可再生能源并网发电，中国正着力建设特高压输电系统，推 进全国电网互联互通。 文章援引数据称，过去五年，中国特高压直流线路长度由2.8万公里增长至4万公里以上。截至目前，中 国共建成1条±1100千伏、23条±800千伏和21条1000千伏特高压线路。 位于安徽省芜湖市的"西电东送"特高压通道 文章分析认为，中国成为世界上能源转型速度最快的国家，已提前6年实现2030年风电和太阳能发电总 装机目标。为了提高输电效率，中国选择了建设以特高压电网为核心的输电系统，使其能够根据需求重 新调配电力流向。业内人士认为，这种跨区域调度通过减少对个别地区的能源依赖，加强不同电网间的 协同运作，来优化可再生能源的利用率，提升了企业能源效率。 编译丨王洹星 签审丨王倩 监制丨蔡耀远 文章关注到，该工程额定容量高 ...

Core Viewpoint - The event hosted by the State Grid Corporation of China at COP30 showcased China's efforts in addressing climate change and promoting a green, low-carbon lifestyle through its power industry [1][6]. Group 1: China's Role in Global Climate Governance - China is recognized as an active participant and significant contributor to global climate governance, providing high-quality, low-cost clean energy technologies that reduce the costs of global green transformation [3][4]. - The country has achieved an average energy consumption growth rate of 3.4%, supporting over 6% economic growth, making it one of the fastest countries in reducing energy intensity [4]. Group 2: Renewable Energy and Infrastructure Development - The International Renewable Energy Agency (IRENA) Director-General highlighted that China has built the world's largest renewable energy system and continues to invest in energy infrastructure, enhancing the digitalization and intelligence of energy systems [6]. - The State Grid Corporation aims to empower better living and promote an energy revolution, collaborating with international counterparts to build a clean, low-carbon, safe, and efficient energy system [8]. Group 3: Initiatives and Reports - The event saw the launch of the "Global Time-of-Use Carbon Factor Brazil Initiative," calling for international organizations and enterprises to engage in the measurement and application of carbon factors [12]. - Several reports were released, including the "State Grid Corporation's Service for New Energy Development Report" and the "State Grid Corporation's Carbon Business System Construction Case Collection," among others, showcasing the company's commitment to sustainability and social responsibility [12]. Group 4: Cultural Engagement - A cultural experience activity themed "Electricity Lights the World, Music Moves the Heart" was held prior to the event, highlighting the State Grid Corporation's social responsibility in promoting public welfare projects and environmental protection in Brazil [13].

Core Viewpoint - The news highlights China's significant contributions to global climate change efforts, showcasing its advancements in green technology and commitment to multilateral cooperation in addressing climate challenges [1][6]. Group 1: China's Climate Initiatives - China has submitted its 2035 Nationally Determined Contribution (NDC) targets, which include absolute reduction goals for greenhouse gas emissions across all economic sectors, marking a historic expansion [2][3]. - The country aims to achieve over six times the installed capacity of wind and solar power by 2035 compared to 2020 levels, targeting 3.6 billion kilowatts [2]. - China's carbon market is steadily developing, encompassing both mandatory and voluntary markets, providing valuable lessons for other nations [3]. Group 2: International Cooperation and Support - China is actively providing support to developing countries through initiatives like the "Clean Stove" flagship project, which aims to reduce carbon emissions and pollution from cooking [4][5]. - The country has signed agreements to assist nations like Antigua and Barbuda with photovoltaic materials, promoting access to low-cost electricity for low-income households [5]. - China's collaboration with countries such as Brazil and Malawi emphasizes its role as a reliable partner in climate-resilient infrastructure development [7]. Group 3: Multilateralism and Global Leadership - The concept of multilateralism is a recurring theme at COP30, with representatives acknowledging China's leadership in fostering international cooperation on climate issues [6][7]. - China's commitment to multilateralism is seen as crucial for addressing global challenges, with its actions contributing positively to the climate governance process [6][7]. - The collaborative efforts between China and other nations reflect a shared goal of achieving climate-related objectives through unity and cooperation [6].

Core Points - The COP30 conference in Brazil highlights China's commitment to green and low-carbon development, showcasing various sustainable products and technologies [1] - China has submitted its 2035 Nationally Determined Contribution (NDC) targets, which include absolute reduction goals for greenhouse gas emissions and ambitious renewable energy development plans [2] - International representatives acknowledge China's significant role in global climate governance and its technological innovations that lower clean energy costs [2][3] - China is actively involved in South-South cooperation, providing support and technology to developing countries to help them reduce carbon emissions [4][5] - The emphasis on multilateralism at COP30 reflects the need for global cooperation in addressing climate change, with China being recognized for its leadership in this area [6][7] Group 1 - The COP30 conference showcases China's green low-carbon development initiatives, including sustainable products made from recycled materials [1] - China has set a historic 2035 NDC target that includes absolute greenhouse gas reduction goals and aims for a sixfold increase in wind and solar power capacity by 2035 [2] - International figures emphasize the importance of collaboration with China in achieving climate goals, highlighting its technological advancements in renewable energy [2][3] Group 2 - China is launching flagship projects like the "Clean Stove" initiative to assist developing countries in reducing emissions and pollution [4] - The cooperation between China and countries like Antigua and Barbuda in solar energy projects demonstrates China's commitment to supporting low-income households [5] - The multilateral approach advocated by China is seen as crucial for effective climate action, with various countries recognizing its leadership role [6][7]

Financial Data and Key Metrics Changes - Net revenue grew to CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [3][8] - Adjusted EBITDA increased by close to 18% year over year, achieving a record margin of 19% [3][8] - Adjusted EPS grew by 17.7% compared to Q3 2024, reaching CAD 1.53 [9] - Year-to-date operating cash flows increased by 86% compared to 2024, from CAD 296 million to CAD 551 million [9] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [3] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [4] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [4] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, driven entirely by organic growth, with double-digit growth in water and energy resources [5][6] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [7] - The U.K. and Australia saw continued double-digit organic growth in the water business due to public sector investment [7] Company Strategy and Development Direction - The company maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [13] - The company is optimistic about growth in Canada and globally, expecting mid to high single-digit organic net revenue growth [13] - The company is focused on diversifying its business and pursuing M&A opportunities to support growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand driven by ongoing needs and priorities of clients, despite some near-term challenges in the U.S. market [13][18] - The recent federal budget in Canada is expected to prioritize infrastructure investments, providing long-term support for the industry [13] - Management remains positive about the prospects for 2026, citing strong momentum in various sectors [19] Other Important Information - The contract backlog stood at CAD 8.4 billion at the end of Q3, an almost 15% increase year over year [11] - Significant project wins include a CAD 7 billion high-voltage project for Manitoba Hydro and a $745 million project in South Carolina [12] Q&A Session Summary Question: Thoughts on 2026 outlook - Management indicated strong momentum going into 2026, with continued support in the water business and infrastructure projects in Canada [17][18] Question: Canadian infrastructure opportunities - Management highlighted solid organic growth in Canada, particularly in land development and water projects, with no slowdown expected [22][23] Question: Concerns about U.S. market conditions - Management acknowledged some uncertainty in the U.S. but emphasized strong macro fundamentals and ongoing demand drivers [31][32] Question: Update on M&A pipeline - Management confirmed a robust M&A environment with ongoing discussions and a positive outlook for future acquisitions [35] Question: Margin sustainability into 2026 - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue activity [58][59] Question: Exposure to defense spending - Management noted limited exposure to defense but sees potential growth opportunities in related infrastructure projects [61][62] Question: Free cash flow performance - Management attributed strong free cash flow to effective working capital management and expects continued positive trends [64][65]

Financial Data and Key Metrics Changes - Net revenue grew to CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [3][8] - Adjusted EBITDA increased by close to 18% year over year, achieving a record margin of 19% [3][8] - Adjusted EPS grew by 17.7% to CAD 1.53 compared to Q3 2024 [9] - Year-to-date operating cash flows increased by 86% compared to 2024, from CAD 296 million to CAD 551 million [9] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [3] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [4] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [4] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, driven entirely by organic growth, with double-digit growth in water and energy resources [5][6] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [7] - The U.K. and Australia saw continued double-digit organic growth in the water business due to public sector investment [7] Company Strategy and Development Direction - The company maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [13] - The company is optimistic about growth in Canada and globally, supported by ongoing high levels of activity in water and infrastructure sectors [14] - The company aims to deliver net revenue of CAD 7.5 billion by the end of next year, reflecting its strategic plan for 2024 to 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed strong momentum going into 2026, with continued support in the water business and infrastructure investments in Canada [17][18] - There are concerns about slower procurement cycles in the U.S. but management remains optimistic about long-term demand drivers [29][32] - The company sees strong demand for defense-related infrastructure projects, although current exposure is limited [60][61] Other Important Information - The contract backlog stood at CAD 8.4 billion, an almost 15% increase year over year, representing approximately 13 months of work [11] - The integration of the Page acquisition is progressing well, with expected revenue synergies [51][52] Q&A Session Summary Question: Outlook for 2026 - Management indicated strong momentum going into 2026, with continued support in the water business and infrastructure investments in Canada [17][18] Question: Canadian Infrastructure Opportunities - Management highlighted solid organic growth in Canada, particularly in land development and water projects, with no slowdown expected [22][23] Question: Concerns about Economic Data - Management acknowledged some uncertainty in the U.S. market but emphasized strong long-term demand drivers [29][32] Question: M&A Pipeline Update - Management confirmed a robust M&A pipeline with ongoing discussions and a positive outlook for future acquisitions [35][36] Question: Margin Sustainability - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue activity [57][58] Question: Free Cash Flow Performance - Management noted strong free cash flow performance due to effective working capital management and collection efforts [63][64] Question: Data Center Activity - Management reported working on over 100 data centers, with expectations for growth in this area [82][83]

Financial Data and Key Metrics Changes - The company reported an EBITDA of COP 12.3 trillion for the third quarter of 2025, with an EBITDA margin of 41% and a net income of COP 2.6 trillion, reflecting a recovery from the previous quarter [26] - Year-to-date investment reached nearly $4.2 billion, representing 72% of the annual target, fully aligned with the strategic roadmap [6][34] - Cumulative EBITDA for the year reached COP 36.7 trillion, demonstrating strong adaptability through a commercial strategy [26] Business Line Data and Key Metrics Changes - The exploration and production segment achieved a total accumulated production of 751,000 barrels of oil equivalent per day, in line with the target range of 740,000-750,000 [11] - The midstream segment transported an average of 1,118,000 barrels per day, reflecting a 1% increase compared to the third quarter of 2024 [13] - Refining operations reached approximately 429,000 barrels per day, marking the second highest quarterly level in the segment's history [15] Market Data and Key Metrics Changes - The company reported a competitive crude differential enabled by a proactive marketing strategy, capturing value in a low-price environment [5] - The average production for the last nine months was 751,000 barrels per day, placing the company near the top of its annual guidance range [3] Company Strategy and Development Direction - The company is focused on reinforcing core business operations, maintaining strict financial discipline, and advancing profitable projects driven by energy transition [3] - A multimodal logistics initiative was launched to export solid asphalt monthly, with projected annual benefits ranging from $1 million to $2 million [5] - The company is committed to sustainability, having reduced greenhouse gas emissions by 379,000 tons of CO2 equivalent as of September [6][8] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience and discipline in a challenging environment marked by a nearly 15% decline in Brent prices year to date [25] - The company anticipates a more challenging price environment in 2026, focusing on strengthening resilience and competitiveness [35] - Management emphasized the importance of cost optimization, efficiency enhancement, and operational agility to meet financial objectives for 2025 [36] Other Important Information - The company achieved a significant reduction in lifting costs, with total unit costs in the hydrocarbons business line standing at $45.5 per barrel, reflecting a reduction of $1.8 compared to the same period last year [17] - The company has made significant progress in its sustainability agenda, being recognized by the Global Compact Network Colombia for best practices in sustainable development [8] Q&A Session Questions and Answers Question: Clarification on the potential sale of the Permian asset - Management clarified that there is no interest in divesting the Permian asset, and any decision regarding the portfolio will be rigorously analyzed by the board of directors [37] Question: Risk of a senior management member being on the OFAC list - The company has a robust corporate governance and compliance system in place, continuously monitoring risks and ensuring operational compliance [38][39] Question: Impact of exchange rate fluctuations - Management indicated that a COP 100 variation in the exchange rate could impact net profit by COP 700 billion, with current rates contributing positively to net profit [42][43] Question: Assistance from the national government for the Sirius project - The company is working closely with the government and has established a timetable for consultations to facilitate the Sirius project [45] Question: Potential bond issuance plans - The company is currently working on its financial plan for 2026, which will determine the cash flow available for investments and financing needs [62]

巴西当地时间 11 月 13 日 ， 《联合国气候变化框架公约》第三十次缔约方大会（ C OP30 ）中国角 新能源日 " 中国能源转型与新能源发展 " 主题边会在巴西贝伦成功举办 。会议由中国国家能源局新能源和可再生能源司、国务院参事室交流合作司指导，中国宏观经济研究院能源研究所、 国网能源研究院有限公 司联合主办 。 中国气候变化事务特使刘振民、国务院参事室副主任郑宏英、国家发展改革委环资司司长王善成、国家能源 局新能源和可再生能源司司长李创军、国家能源局国际司副司长熊敏峰 ， 丹麦气候事务大使奥勒 · 通克、国际可再生能源署总干事弗朗西斯科 · 拉 · 卡梅拉、 巴西财政部生态转型副秘书长卡罗利娜 · 格罗特拉 出席会议并致辞。 国家能源局新能源和可再生能源司介绍中国新能源和可再生能源发展所做的工作、取得的成绩和积累的经验 ， 发布《中国绿证发展报告》。国家 能源局国际司 介绍 中国能源转型为全球绿色低碳发展注入强大动力 的实践经验。 中国宏观经济研究院能源研究所发布《中国能源转型展望 2025 》 ， 国网能源研究院有限公司能源战略与规划研究所发布《中国能源电力发展展望 2025 》 等 。 本次边会 ...