Sinopec follows the decision and arrangement of the CPC Central Committee and the state on carbon peak and carbon neutrality, and has integrated carbon emission control into the company's development plan. It has strengthened energy management, intensified its efforts to cut greenhouse gas emissions, and boosted development of the carbon industry, contributing to the green, low-carbon transformation of China's energy and chemical industry and the realization of the "dual carbon(carbon peaking and carbon neutrality)" goal.

Improving energy efficiency

Sinopec has implemented the "energy efficiency improvement" plan, and improved the energy management system. By means of energy conservation in management, technology, new energy utilization, and IT-based development, it has conserved resources, and moved faster to build a resource-intensive and environment-friendly enterprise. In 2022, it implemented 483 "energy efficiency improvement" projects, saving 950,000 tons of standard coal.
In the Selection of Key Water Efficiency Leaders in 2022 organized by the Ministry of Industry and Information Technology and other three departments, Zhenhai Refining & Chemical won the title of "Water Efficiency Leaders" in the ethylene industry; Qingdao Refining & Chemical was recognized as a "Water Efficiency Leader" in the crude oil processing industry; and Hainan Refining & Chemical was named a "Water Efficiency Leader" in the paraxylene industry.

Greenhouse gas emission management

Separately, Sinopec has issued the Sinopec Action Plan for Carbon Peak Before 2030, and developed and implemented the "eight actions" for this purpose, with a view to strengthening the management of greenhouse gas emissions, and promoting the reduction of carbon dioxide and methane emissions. The group company has been dubbed "China's Low-carbon Model" for 12 straight years.

Carbon dioxide emission reduction

Sinopec issued the Guidelines on the Implementation and Accounting of Carbon Neutrality at the Gas Stations and the Guidelines on the Implementation of Carbon Neutrality at the Oil Production Well Sites. And it has built 27 demonstration projects, promoting the demonstration and construction of pilot projects of carbon neutrality.
It has also intensified its efforts to recover and utilize high-concentration carbon dioxide from refineries, and carried out carbon dioxide flooding in oilfield enterprises in an orderly manner, covering 1.534 million tons of carbon dioxide and 657,000 tons of flooding. The megaton CCUS demonstration project of Qilu Petrochemical - Shengli Oilfield has been put into operation.

Methane emission reduction

Oilfield enterprises have strengthened the use of closed mixed transportation technology, implemented casing-head gas recovery, promoted the comprehensive utilization of flare gas, strengthened the recovery of remote scattered wells and other measures, and implemented the recovery of vented gas. In 2022, it recovered about 834 million cubic meters of methane, reducing greenhouse gas emissions by some 12.5 million tons of CO₂ equivalent.

Management of carbon assets

Sinopec has coordinated quota surplus and shortage of enterprises, prepared carbon trading plans, established full-time carbon trading teams, carried out centralized management of carbon trading, and fulfilled carbon quota compliance tasks as scheduled.

The carbon sink generated from the Shengda Ecological Forest Farm of Shengli Oilfield, the first carbon neutral forest of Sinopec, is used to offset and neutralize the carbon emissions from the enterprises, and can offset and neutralize carbon emissions of 10,000 tons per annum

Boosting the development of the carbon industry

Sinopec has participated in the development of the carbon industry and deepened opening-up and cooperation to achieve the "dual carbon" goal. In March 2022, Sinopec Star issued the first green "carbon neutrality" ABS bond worth 300 million yuan in the Xiongan New Area, facilitating the development of low-carbon industries in the form of green finance. In September, Sinopec unveiled Sinopec Carbon Industry Technology, China's first whole carbon industry chain technology player. With a focus on technology research and development; carbon asset management and operation; project equity investment and other businesses, the technology firm provides integrated solutions for domestic and foreign carbon markets. In November, Sinopec signed a memorandum of understanding with Shell, China Baowu and BASF on cooperation for carbon dioxide capture and storage (utilization), working with global partners for a green future with energy security.