Launching Researches on Peak Carbon Dioxide Emission and Carbon Neutrality
to Lead the Green and Low-Carbon Transformation of This Industry
At the general debate of the 75th session of the United Nations General Assembly in September 2020, Chinese President Xi Jinping made a statement that China would scale up its Intended Nationally Determined Contributions by adopting more vigorous policies and measures, aiming to hit the peak carbon dioxide emission by 2030 and attain carbon neutrality by 2060. On the Fifth Plenary Session of the Nineteenth Central Committee of the Communist Party of China held at the end of October 2020, the description that "carbon emissions realize a steady decline after hitting the peak" was included in the Vision 2035.
The energy and chemical industry is a key area for China to execute activities for hitting the peak carbon dioxide emission and build the carbon market. As a major state-owned energy and chemical enterprise, Sinopec continued studying and implementing Xi Jinping’s thoughts on ecological civilization and the guiding principles from General Secretary Xi Jinping's major policy addresses in an earnest manner, to bring the company's attention to the green and low-carbon development from the strategic perspective.
Move unswervingly toward the goal of "net zero" emission
Since the 13th Five-Year Plan, Sinopec has been sternly implementing the new development concept, the requirements for the development of an ecological civilization, and the strategy of green and low-carbon development to effectively regulate greenhouse gas emissions, and significant results have been attained in carbon emission reduction.
To make full use of clean energy, Sinopec emphasized more on the exploration and development of shale gas and coal-bed methane while increasing the capacity construction of conventional natural gas. The geothermal heating capacity was increased to 60.44 million square meters; the biological aviation fuel successfully fueled the transoceanic commercial flight; biodiesel was applied to vehicles regularly; multiple oil-hydrogen hybrid demonstration stations have been built nationwide to accelerate the deployment in the hydrogen industry.
To strengthen the energy-saving management, we accelerated the industrial restructuring and closed outdated production facilities. Through the "energy efficiency improvement" program, we have implemented 3, 406 projects, cut standard coal consumption by 5.48 million tons, and reduced greenhouse gas emission by 13.48 million tons.
Regarding the greenhouse gas recycling, Sinopec supported the recycling of high-concentration carbon dioxide tail gas from refining and chemical companies, as well as conducted field tests for carbon dioxide flooding and mid-air methane recovery in oilfield companies. Moreover, we carried out the lifecycle accounting and evaluation of carbon footprint of products such as aviation fuel, lubricant, and polyethylene.
During the 13th Five-Year Plan period, the accumulated volume of carbon trading in pilot enterprises was approximately 13.37 million tons, with the transaction amount nearly RMB 300 million. Since the launch of the carbon market, our pilot enterprises have traded carbon of 17.52 million tons, reporting RMB 442 million trading value.
Launch research on peak carbon dioxide emission and carbon neutrality
In November 2020, Sinopec signed the letter of intent on strategic alliance with NDRC Energy Research Institute, National Center for Climate Change Strategy and International Cooperation, and Laboratory of Low Carbon Energy, Tsinghua University, respectively, to jointly study the strategic path for Sinopec to lead the peak carbon dioxide emission and carbon neutrality in the energy and chemical industry. Going with the tide of energy reform in the world and the general trend of industrial development, Sinopec will research and determine its strategic goals, key tasks, implementation paths, and guarantee systems for its transformation and development.
Sinopec signed the letter of intent on strategic alliance with three research institutions for research on peak carbon dioxide emission and carbon neutrality.
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