SOURCE / ECONOMY
Sinopec to achieve carbon neutrality in 2050, 10 years ahead of national goal
Published: Mar 29, 2021 03:23 PM
A Sinopec gas station in Shanghai  Photo: IC

A Sinopec gas station in Shanghai Photo: IC

 

China's oil giant Sinopec sets a plan to achieve carbon neutrality 10 years ahead of China's set goal which is 2060, Zhang Yuzhuo, chairman of Sinopec, said during a video conference on Monday. 

At the conference, Zhang outlined the company's future development blueprint and announced that Sinopec would aim to achieve net zero-emissions as the company's final goal, cnstock reported on Monday. 

According to Sinopec's 2020 Sustainability Report, the company has proposed "net zero" emissions goal as its ultimate goal to promote clean transformation of fossil energies and low-carbon production and operation, as well as to reach the company's carbon emissions peak before 2030, adding that Sinopec will strive to achieve carbon neutrality by 2050 and persistently make new contributions to address climate change.  

Sinopec has implemented green and low-carbon development strategy in order to achieve its ultimate carbon neutrality goal, according to the 2020 Sustainability Report, noting that the major action plan is aimed to accelerate and advance relevant technological innovation and formulate industry protocols and standards to promote low-carbon transformation for the oil-refining industry.

In 2020, Sinopec's turnover and other revenues reached 2.11 trillion yuan ($320 billion), achieving a year-on-year increase of 28.8 percent, according to Sinopec's 2020 Financial Results Report.  

Global Times

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