PR90807

BEIJING, July 22, 2021 /PRNewswire=KYODO JBN/ --

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

closed the first bulk agreement transaction of China's national carbon market

on July 21, purchasing 100,000 tons of carbon emission quota from China

Resources Group. Per the official transaction data disclosed by the Shanghai

Environment and Energy Exchange (SEEE), it was the first bulk agreement

transaction since the official launch of China's national carbon market and the

only bulk agreement transaction on the day.

A total of 17 Sinopec's subsidiaries have their self-supply power plants

included in the national carbon market, among which four companies, namely

Sinopec Shengli Oilfield, Sinopec Maoming Petrochemical, Sinopec Shanghai

Petrochemical and ZTHC Energy, participated in the first day of carbon trading.

Sinopec's carbon trading business is operated by its wholly-owned subsidiary

China International United Petroleum & Chemicals (UNIPEC) as the main body of

operation, which uniformly conducts transactions of companies in the Sinopec

system in the national carbon market.

Sinopec is actively participating in the establishment of pilot carbon markets

and China's national carbon market, carried out system-wide carbon emissions

inspections and established a carbon emissions data accounting system in 2012,

and initiated the construction of a carbon asset management information system

in 2015 to effectively improve the efficiency of carbon emissions accounting

and data accuracy. Sinopec's pilot companies have all fulfilled their carbon

quota compliance tasks in full, and accumulated extensive experience for

entering the national carbon market.

Sinopec is unswervingly working towards the goal of net zero. The energy and

chemical industry is a key area of work for China to reach peak carbon

emissions and build the carbon market. In 2020, Sinopec proposed building a

world-leading clean energy chemical company, and for the first time,

"cleanliness" was incorporated into the company's vision and goals.

The company is constructing an industrial layout of "one foundation, two wings

and three news" with significant efforts, laying a solid basis with energy

resources, strengthening the "two wings" of improving clean oil quality and

modern industrial development, and expanding the "three news" – exploring new

energy, new material and new economy.

As China proposes to reach peak carbon emissions in 2030 and achieve carbon

neutrality by 2060, Sinopec is accelerating its construction of a clean,

low-carbon energy supply system, increasing industrial and energy structure

adjustments and continuing the reduction of greenhouse gas emissions. Sinopec

will reduce the annual methane emission intensity by 50 percent by 2025, while

developing carbon-neutral forests, carbon-neutral gas stations and other

distinctive models to achieve carbon neutrality ahead of China's target and

contribute to making new contributions in tackling global climate change.

The carbon market is a market where the emission rights of carbon dioxide and

other greenhouses gases are traded as a commodity in order to achieve the

overall goal of controlling greenhouse gas emissions. It adopts market

mechanisms to control and reduce emissions and promote economic development,

and is an important institutional innovation of green and low-carbon

transformation.

Please visit Sinopec ( http://www.sinopec.com/listco/en/ )for more information.

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.

SOURCE: SINOPEC

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=397022

   Caption: Sinopec Closes First Bulk Agreement Transaction of China痴 National Carbon

Market, purchasing 100,000 ton of carbon emission quota from China Resources

Group.