Sinopec Seeks Carbon Neutrality by 2050

Sinopec Seeks Carbon Neutrality by 2050

China’s Sinopec Corporation seeks to be carbon neutral by 2050, aligning with its short term strategy focused on natural gas development and a long term pivot to hydrogen, according to Reuters.

Zhang Yuzhuo, Sinopec’s Chairman, stated that “Hydrogen will be a core in Sinopec’s energy transition.” He also mentioned that Sinopec will focus on fossil fuel-based hydrogen production over the next five years and also introducing green hydrogen using solar and wind power.

Sinopec plans to establish 100 hydrogen filling stations in 2021, as part of the company’s goal to set up 1,000 stations by 2025, including standalone hydrogen kiosks and those combined with traditional fuels.

Ma Yongsheng, Sinopec’s President, said that Sinopec plans to increase its natural gas production by more than 10% annually over the next three years. Thus, natural gas production is expected to reach 34 billion cubic meters (bcm) in 2021 compared to the 30.2 bcm in 2020, while gas output is expected to reach 38 bcm and 42 bcm for 2022 and 2023 respectively.


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