China’s Sinopec has launched extensive research into carbon dioxide peaking and carbon neutrality as the state-owned oil giant chases a target of net-zero carbon emissions.
Sinopec on Monday established a strategic co-operation with three unidentified “top institutions” in Beijing to take the lead in joint research on the energy and chemical industries’ CO2 emissions peak and carbon neutral.
The company said it had 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 neutrality before 2030 following China's action plan.
"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," said Sinopec chairman Zhang Yuzhuo.
"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.
"We will also strengthen the communication and exchanges with government departments and industry associations to better serve and support national and industry-related decisions."
Sinopec in recent years has promoted its green and low-carbon development strategy.
In tandem with expanding its natural gas production capacity, the company has promoted the development of new energy resources such as biomass and geothermal, while driving forward the development and utilisation of hydrogen.
Sinopec added that it is focusing on promoting the recovery and utilisation 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 tonnes.
Carbon emissions peak refers to the inflection point of total CO2 emissions, after which these will begin to decline.
The carbon neutral target aims to achieve low-carbon and zero-carbon transformation of energy, realises zero CO2 emissions, significantly reduces other greenhouse gas emissions, and reduces total man-made greenhouse gas emissions to zero through increasing carbon sinks and artificial negative emission measures.