Sinopec Highlights CCUS Achievements at COP 28 and Releases Its First 10-Year Performance Report on Supporting "Belt and Road" Initiative

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China Petroleum & Chemical Corporation (Sinopec) (HKG: 0386) showcased its achievements in carbon capture, utilization, and storage (CCUS) at COP28 in Dubai. The company highlighted the Qilu-Shengli CCUS project, aiming to reduce carbon emissions by 1 million tonnes per year. Sinopec also signed a non-binding MoU with Shell, China Baowu, and BASF to launch the joint study on a 10-million-tonne open-source CCUS project. Additionally, the company released its first 10-year performance report supporting the Belt and Road Initiative (BRI), emphasizing its commitment to sustainable development and contributions to energy cooperation, environmental protection, and climate actions.

DUBAI, UAE, Dec. 8, 2023 /PRNewswire/ -- 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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SOURCE SINOPEC

FAQ

What did Sinopec showcase at COP28 in Dubai?

Sinopec showcased its achievements in carbon capture, utilization, and storage (CCUS) at COP28 in Dubai.

What is the Qilu-Shengli CCUS project?

The Qilu-Shengli CCUS project is China's first mega-tonne CCUS demonstration project, aiming to reduce carbon emissions by 1 million tonnes per year.

Who did Sinopec sign a non-binding MoU with for the joint study on a 10-million-tonne open-source CCUS project?

Sinopec signed a non-binding MoU with Shell, China Baowu, and BASF for the joint study on a 10-million-tonne open-source CCUS project.

What did Sinopec release at COP28?

Sinopec released its first 10-year performance report supporting the Belt and Road Initiative (BRI) at COP28.

What does the 10-year performance report highlight?

The 10-year performance report highlights Sinopec's commitment to sustainable development and contributions to energy cooperation, environmental protection, and climate actions.