China Petroleum & Chemical Corporation's (HKG: 0386, "Sinopec") has highlighted the key achievements in carbon capture, utilization, and storage (CCUS) and released the first 10-year performance report supporting the "Belt and Road" Initiative ("BRI") at the "Carbon Capture, Utilization and Storage Progress in China" and "The World Conference on Best Practicing of Carbon Neutrality" on China Pavilion side events hosted during the COP28 held from November 30 to December 12 in Dubai, showcasing Sinopec's green and low-carbon actions.
CCUS is the carbon reduction process of capturing and making effective use of CO2 from industrial-sourced emissions, a technology with the potential to significantly reduce emissions on a large scale and be a key component on the path to achieve carbon neutrality.
In 2022, Sinopec officially started to operate the mega-tonne Qilu-Shengli CCUS project, a milestone for China's CCUS industry phasing in mature commercial operation. It is China's first mega-tonne CCUS demonstration project and is estimated to reduce carbon emissions by 1 million tonnes per year, the equivalent of planting nearly 9 million trees. The project is of great significance to establishing the "artificial carbon cycle" and provides extensive practical engineering experience and technical data for large-scale CCUS project in China.
In November 2022, Sinopec signed a non-binding MoU with Shell, China Baowu, and BASF to launch the joint study on the first 10-million-tonne open-source CCUS project, with an aim to provide decarbonization solutions for industrial producers in East China and build low-carbon product supply chains.
The 10-year performance report on Sinopec's engagement in BRI development underscores Sinopec's strong commitment to sustainable development and contributions, covering the scopes of energy cooperation, environmental protection, culture exchanges, and social well-being. The report also highlights Sinopec's path of promoting harmonious coexistence between human beings and nature, actively advancing green and clean production, developing a circular economy, conserving biodiversity, and taking proactive climate actions.
The two-week COP28, which focus on agendas including accelerating energy transition and climate financing, attracted more than 70,000 participants and is the largest climate conference to date.
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