Chinese energy giants ally on low-carbon future
August 2, 2024
By Canadian Biomass staff
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. Eight Chinese energy and chemical giants will ally to strive for the country’s low-carbon future.
Sinopec, or the China Petroleum and Chemical Corporation, announced the inauguration of the Energy and Chemical Industry Chain Carbon Footprint Alliance in Beijing.
The alliance, spearheaded by eight leaders in the sector including Sinopec, the China National Petroleum Corporation, and the China National Offshore Oil Corporation, will see members establish a carbon footprint management system and calculation mechanism by 2027.
A carbon footprint is the total greenhouse gas emissions generated directly and indirectly by an individual, organization, product, or state over a period.
China is the largest carbon emitter in the world. It’s pledged to reach peak carbon emissions by 2030 and be carbon neutral by 2060.
The alliance will develop the system, carbon footprint accounting standards for 20 key products and a localized product carbon footprint factor database aimed at fostering international exchange and mutual standard recognition to strengthen global climate governance, according to a press release.
The release said the alliance has issued a declaration for its missions and committed to creating a high-quality, open platform for sharing technical expertise and cooperation.
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.
For more, see the release here.
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