French supermajor Total said it was using its venture capital arm to create a Chinese fund targeting renewable energy and other low-carbon activities.

Total Energy Ventures signed a heads of agreement effort with Chinese partners to create the Cathay Smart Energy Fund, an investment vehicle targeting renewable energy, smart energy and other low-carbon efforts. Through TEV, the French supermajor and other partners will put $250 million behind the fund after first closing.

Total Chairman and CEO Patrick Pouyanné said China is at the front of the pack when it comes to new energy solutions. Through the fund, Total will be able to tap into new business models and technologies in the Chinese market.

"We believe that it represents a significant growth and innovation potential in areas of new energies and sustainable development and resonates with Total's ambition to become the responsible energy major," Pouyanné said in a statement.

Total's new effort in China comes days after the International Renewable Energy said one of the host cities for the Winter Olympics in 2022, Zhangjiakou, agreed to develop a low-carbon road map that sees it draw 50 percent of its energy from renewable resources by 2020.

The memorandum signed with IRENA called for a "low-carbon" zone in Zhangjiakou, with Olympic facilities drawing on renewable energy.

China is the second-largest economy in the world behind the United States and among the top energy consumers. The International Energy Agency said the United States was emerging as a leader in oil production, but China was taking the helm on renewables.

China, for eight years running, is the largest car market in the world. To address air quality concerns, the government in January called for the establishment a new technology and innovation center for new energy vehicles.

Total reported net income of $2.8 billion for the fourth quarter, about 3.5 percent higher than anticipated.

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