PR86838

BEIJING, Nov. 24, 2020 /PRNewswire=KYODO JBN/ --

China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has established

strategic cooperation with three top institutions on November 23 in Beijing,

China, to take lead in a joint research on the energy and chemical industry's

carbon emissions peak and carbon neutral.

Sinopec invited thought leaders and experts in the fields of climate change,

energy and chemical industry to conduct in-depth research on the strategic path

of having CO2 emissions peak and achieve carbon neutral before 2030 following

China's action plan.

Zhang Yuzhuo, a research fellow and academician of the Chinese Academy of

Engineering and chairman of the board of Sinopec, noted that achieving the goal

of reaching the CO2 emissions peak and going carbon neutral is both a great

responsibility and profound revolution for the energy and chemical industry.

"Sinopec will focus on green and low-carbon development from a strategic and

overall perspective and move towards the goal of achieving 'net-zero'

unswervingly, the company will follow the trends of global energy reform and

general industrial development to study and determine its own strategic goals,

key tasks, implementation approaches and guarantee mechanism," said Zhang.

"Sinopec will also strengthen the communication and exchanges with government

departments and industry associations to better serve and support national and

industry-related decisions."

In recent years, Sinopec has promoted its green and low-carbon development

tactic for the corporate development strategy, actively control its greenhouse

gas emissions to achieve significant carbon emissions results. In the area of

clean energy development, Sinopec has expanded its construction of natural gas

production capacity and promoted the development of new energy resources such

as biomass energy and geothermal energy, while driving forward the development

and utilization of hydrogen energy.

To strengthen the company's energy-saving management, Sinopec implements an

"energy efficiency improvement" plan that accelerates industrial structure

adjustment to phase out the outdated production capacity.

And in terms of greenhouse gas recovery and utilization, Sinopec is focusing on

promoting the recovery and utilization of high-concentration CO2 tail gas from

refining and chemical enterprises, carrying out CO2 flooding field tests and

methane gas release recovery. The carbon trading transaction volume of

enterprises participating in the pilot project has reached 11.1 million tons.

Carbon emissions peak refers to the inflection point of total CO2 emission,

after which the emissions will begin to decline. The carbon neutral target aims

to achieve low-carbon and zero-carbon transformation of energy, realizes zero

CO2 emissions, reduce other types of greenhouse gas emissions significantly as

well as total man-made greenhouse gas emissions to zero through increasing

carbon sinks and artificial negative emission measures.

About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies in

China. Its principal operations include the exploration and production,

pipeline transportation and sale of petroleum and natural gas; the sale,

storage and transportation of petroleum products, petrochemical products, coal

chemical products, synthetic fiber, fertilizer and other chemical products; the

import and export, including an import and export agency business, of

petroleum, natural gas, petroleum products, petrochemical and chemical

products, and other commodities and technologies; and research, development and

application of technologies and information.

Sinopec sets 'fueling beautiful life' as its corporate mission, puts 'people,

responsibility, integrity, precision, innovation and win-win' as its corporate

core values, pursues strategies of value-orientation, innovation-driven

development, integrated resource allocation, open cooperation, and green and

low-carbon growth, and strives to achieve its corporate vision of building a

world-leading energy and chemical company.

For more information, please visit: www.sinopecgroup.com/group

Source: SINOPEC

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   Caption: Sinopec kickstarts extensive research on CO2 emissions peak and carbon neutral.