Chineses Sinopec aims to achieve carbon neutrality by 2050

Beijing, March 30 - Neftegaz.RU. The Chinese state-owned oil producer set a target for carbon emissions to peak by 2025, ahead of the national target of 2030, and will strive to achieve carbon neutrality by 2050.

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

Sinopec is already China's largest producer of hydrogen and prioritise hydrogen in its overall energy transition strategy.
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 2^nd largest network of fuel stations, operating some 30 700 branches.