On January 13, China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") released "The Sinopec Green and Low-carbon Development White Paper 2022" (the "White Paper"), outlining its goals and methods in relation to a strategic roadmap, institutional framework, clean energy initiatives, and the efficient use of resources.
The first Chinese corporation to release an "Environmental Protection White Paper" in 2012 was Sinopec, which vowed to support sustainable and low-carbon development. Sinopec has implemented programs over the past ten years to increase energy efficiency, create sustainable operations, and support the preservation of the Yangtze River and Yellow River basins' ecological systems. Additionally, Sinopec, which has been recognized as a "China Low-Carbon Model" for 12 continuous years, has issued an action plan to achieve peak carbon emissions by 2030.
White Paper 2022 Published By Sinopec
"Sinopec's efforts to promote green and low-carbon growth are reflected in the White Paper. It will serve as the new launching pad for our strategies to be anchored in balancing the development and emission reduction agendas of both short-term and long-term initiatives, coordinate carbon and pollution reduction, green transformation, and growth to accelerate green and low-carbon development, strengthen green competitive advantages, and significantly contribute to the low-carbon transformation of China's energy and chemical industry and achieve the "Dual Carbon" goals, "President of Sinopec Zhao Dong said.
In order to develop clean, low-carbon, safe, and efficient energy, Sinopec is planning an industrial layout. It has also established a green and low-carbon vision to support efficient resource recycling. Finally, Sinopec is pursuing a roadmap to achieve scaled clean and low-carbon energy production, energy conservation, and emission reduction in order to reach net-zero targets.
The company's aggressive "Dual Carbon" initiatives have reinforced control over methane emissions throughout the industry chain while continuing to cut carbon intensity and minimize carbon emissions. As the first carbon-complete industrial chain technology business in China, Sinopec has also extensively studied carbon asset management and product carbon footprint.
A total of 4,469 energy efficiency improvement projects have saved 7.49 million tons of standard coal, and by the end of 2021, the Fuling shale gas field had preserved over 40 hectares of land. These improvements are the result of Sinopec's efforts to promote clean production.
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