Last year, China´s President Xi Jinping set the goal to achieve net zero emissions by 2060.
Sinopec Chairman Zhang Yuzhuo said:
- Hydrogen is one of the major focal points in our strategic transformation from fossil fuels
- The company's competitive advantage lies in distribution in the form of its 30 000 gas stations around China
- Sinopec will offer hydrogen at 100 stations by year-end.
- We aim to be China’s largest hydrogen company
- We aim to attain our carbon neutrality 10 years earlier than the national target
As part of its decarbonisation business development, the company aims to complete construction of a demonstration project to capture and store carbon dioxide emitted by its production facilities by 2025.
Sinopec, plans a 24% rise in capital spending to 167.2 billion yuan ($25.5 billion) in 2021 as oil prices and energy demand strengthen.
The company has the nation’s biggest and the world’s 2nd largest network of fuel stations, operating some 30 700 branches.