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

Rhea-AI Summary

China Petroleum & Chemical (Sinopec) has launched the Energy and Chemical Industry Chain Carbon Footprint Alliance in Beijing. This initiative, joined by eight leading Chinese energy and chemical companies, aims to establish a carbon footprint management system by 2027. The alliance's goals include:

1. Developing carbon footprint accounting standards for 20 key products
2. Creating a localized product carbon footprint factor database
3. Fostering international exchange and mutual standard recognition

Sinopec's Deputy General Manager, Wan Tao, emphasized the company's commitment to clean fossil fuels, renewable energy, and carbon reduction in manufacturing. Since 2015, Sinopec has evaluated nearly 100 products across 40 companies for carbon footprint accounting and plans to extend carbon footprint information modules to all enterprises.

Positive

• Sinopec is leading the formation of a major industry alliance to develop carbon footprint management systems
• The alliance aims to establish carbon footprint accounting standards for 20 key products by 2027
• Sinopec has already evaluated carbon footprints for nearly 100 products across 40 companies since 2015
• The company is expanding its use of renewable energy and implementing carbon reduction in manufacturing processes

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• None.

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.

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.

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SOURCE SINOPEC

FAQ

What is the Energy and Chemical Industry Chain Carbon Footprint Alliance announced by Sinopec (SNPTY)?

The Energy and Chemical Industry Chain Carbon Footprint Alliance is an initiative launched by Sinopec and seven other leading Chinese energy and chemical companies to establish a carbon footprint management system by 2027, aiming to drive green development in the energy and chemicals sector.

What are the main objectives of the Carbon Footprint Alliance by 2027 for Sinopec (SNPTY)?

By 2027, the Alliance aims to establish a product carbon footprint management system, develop carbon footprint accounting standards for 20 key products, create a localized product carbon footprint factor database, and foster international exchange and mutual standard recognition.

How has Sinopec (SNPTY) contributed to carbon footprint management since 2015?

Since 2015, Sinopec has led the industry in product carbon footprint accounting, evaluating nearly 100 products across 40 companies. The company has also set up a plan to create a carbon footprint management system for its products and completed carbon footprint information modules for six pilot enterprises.

What is Sinopec's (SNPTY) strategy for green development in the energy sector?

Sinopec's green strategy includes promoting the development of clean fossil fuels, expanding renewable energy use, and implementing carbon reduction in manufacturing processes. The company aims to steer the industry toward green and low-carbon development through collaboration and resource consolidation with alliance members.