Sinopec Releases China Energy Outlook 2060, Anchoring New Path of Energy Transformation Development

Rhea-AI Summary

China Petroleum & Chemical Corporation (Sinopec) released its inaugural "China Energy Outlook 2060" report, detailing projections for energy consumption and carbon emissions, aiming for carbon neutrality by 2060. The report forecasts China’s primary energy consumption to peak at 6.03 billion tons of standard coal between 2030 and 2035, declining to 5.6 billion tons by 2060. Notably, carbon emissions are expected to peak at 9.9 billion tons in 2030 and drop to 1.7 billion tons in 2060, primarily through Carbon Capture Usage Storage (CCUS) and carbon sinks.

Positive

• First comprehensive energy outlook report highlighting China’s carbon neutrality goals.
• Projections indicate a significant reduction in energy-related carbon emissions by 2060.
• Establishes a roadmap for energy transformation in line with national development goals.

Negative

• None.

BEIJING, Dec. 29, 2022 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") officially published the "China Energy Outlook 2060" (the "Outlook") on December 28 in Beijing. This is Sinopec's first publicly released research findings of their medium and long-term energy outlook, providing a new perspective for the scientific planning of transformation and development of China's energy and chemical industries. This in the context of the "Dual-Carbon" goals laid out by the Chinese government, with the core goal of achieving carbon neutrality by 2060.

According to the Outlook, a project of the Sinopec Economics & Development Research Institute, China's primary energy consumption is expected to peak at approximately 6.03 billion tons of standard coal between 2030 and 2035, and reduce to about 5.6 billion tons of standard coal in 2060. The energy-related carbon emissions are expected to peak at around 9.9 billion tons by 2030 after excluding the carbon sequestration of raw material energy use, and drop to 1.7 billion tons in 2060, achieving carbon neutrality through Carbon Capture Usage Storage (CCUS) technology, and carbon sinks, amongst other methods.

The report, detailing China's energy consumption and carbon emission projections of major stages leading to 2060, has put forward the concept of an "energy balance triangle" based on the comprehensive research of the history of global energy development, key factors influencing energy transformation, major trends, and the future path of energy development.

It has proposed a roadmap for China's energy transformation based on the energy triangle concept. This is based on tackling any security challenges that may arise in the transition, emphasizing the urgency of making the transformation towards green energy, and coordinating development goals. In addition, it has emphasized the importance of unifying the general direction, objectives and principles of national economic and social progress with the course of energy transformation.

"The Outlook is Sinopec's latest achievement in exploring the high-quality energy development in China and reflects our observations and understandings on the laws of energy evolution with systematic judgement on the future trends of China's energy development," noted Zhao Dong, president of Sinopec. "We hope to work with all partners to further strengthen academic exchanges and deepen all-round cooperation to promote more high-quality energy research and results, and contribute to accelerating the planning and construction of a new energy system and safeguard national energy security."

For more information, visit Sinopec.

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SOURCE SINOPEC

FAQ

What is the China Energy Outlook 2060 by Sinopec?

It is a report presenting projections for China's energy consumption and carbon emissions, aiming for carbon neutrality by 2060.

What are the peak energy consumption projections according to the Outlook?

China's primary energy consumption is expected to peak at approximately 6.03 billion tons of standard coal between 2030 and 2035.

When will China achieve carbon neutrality according to Sinopec's report?

Sinopec's report aims for China to achieve carbon neutrality by 2060.

What will be the carbon emissions peak as per the China Energy Outlook?

Carbon emissions are projected to peak at around 9.9 billion tons by 2030.

What technologies will help in achieving carbon neutrality in China?

Carbon Capture Usage Storage (CCUS) technology and carbon sinks are expected to play a significant role.