‘Sinopec will continue to aim for mutually beneficial cooperation with global partners, fulfil our high-level opening-up and green development goals […]’
Chinese oil and gas company Sinopec has released a paper setting out its strategic roadmap to strengthen sustainability and accelerate the move to low-carbon development. The company’s document, The Sinopec Green and Low-Carbon Development White Paper 2022, is said to be a strategic roadmap setting out its vision, practices and mechanisms to achieve its ‘dual carbon’ goals.
President of Sinopec Group Zhao Dong commented: ‘[The White Paper] will be the new starting point to anchor our strategies in balancing the development and emission reduction agendas of both short and long-term initiatives […]’
The strategy includes development of low-carbon energy production, resource recycling and emissions reduction, including a reduction in methane output.
In the final quarter of 2022, Sinopec signed a non-binding Memorandum of Understanding (MoU) with BASF, Shell, and China Baowu to explore the feasibility of developing a carbon capture utilisation and storage (CCUS) project.
Sinopec has signed an MoU with @Shell, China @BaowuG and @BASF to jointly study the feasibility of developing the first open-source carbon capture, utilization and storage (CCUS) project of tens of millions tonnes in CO2 emission reduction per year. #SinopecNews pic.twitter.com/STpMNd5zHI— Sinopec (@SinopecNews) November 7, 2022
The proposed 10 million-tonne CCUS project would be located in East China and see the transport of carbon dioxide produced by heavy industry along the Yangtze River basin to an onshore, or offshore, storage site via pipeline.
The partners said that as well as supporting the decarbonisation of current industries, the project would accelerate the development of low-carbon products and a circular economy.
The agreement was signed during the China International Import Expo, which was held in Shanghai during November 2022. Board Director and Senior Vice President of Sinopec, Ma Yongsheng, said: ‘Sinopec will continue to aim for mutually beneficial cooperation with global partners, fulfil our high-level opening-up and green development goals, and work towards realising our carbon peaking and carbon neutrality goals.’