Sinopec Announces the Launch of Carbon Footprint Alliance to Drive Green Development in Energy and Chemicals

BEIJING, Aug. 1, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has announced the inauguration of the Energy and Chemical Industry Chain Carbon Footprint Alliance in Beijing, China. The initiative, spearheaded by eight leading Chinese companies in the energy and chemical sectors, including Sinopec, CNPC, and CNOOC, will see the alliance members jointly establish a carbon footprint management system with an improved carbon footprint calculation mechanism by 2027, empowering the sectors and China to accelerate the drive toward a low-carbon future.

China's first megaton carbon capture, utilization and storage (CCUS) project, the Qilu-Shengli Oilfield CCUS, designed to reduce carbon emission by 1 million tons per year, the equivalent of planting nearly 9 million trees and shutting down 600,000 economy cars.

The alliance issued a declaration for its missions, committing to creating a high-quality, open platform for sharing technical expertise and cooperation. The members are poised to establish a product carbon footprint management system and develop carbon footprint accounting standards for 20 key products by 2027, alongside a localized product carbon footprint factor database, fostering international exchange and mutual standard recognition to strengthen global climate governance.

A carbon footprint is the total greenhouse gas emissions generated directly and indirectly by an individual, organization, product, or state over a period. Standing at the forefront of global climate actions with its world-beating new energy innovation and ambitious pledge for carbon emission control, China has set carbon footprint management as a top priority, having mapped out a plan to set up a comprehensive system designed to calculate, evaluate, and certify key product carbon footprints in the next few years.

Highlighting Sinopec’s green strategy and its contributions to global low-carbon development targets in recent years, Wan Tao, Deputy General Manager of Sinopec, noted that the company promotes the development of clean fossil fuels while expanding renewable energy use and carbon reduction in manufacturing processes. Together with alliance members, Sinopec aims to enhance collaboration, share information, and consolidate resources to establish a carbon footprint management system, steering the industry toward green and low-carbon development, he added.

Since 2015, Sinopec has led the way in product carbon footprint accounting within the industry, evaluating nearly 100 products across 40 companies. Sinopec has set up a plan to create a carbon footprint management system for its products, focusing on standards for carbon footprint accounting, database creation, and supply chain management. As of now, the company has completed the construction of carbon footprint information modules for six pilot enterprises and aims to extend the modules to all enterprises.