Sinopec unveils visionary reports on China's petrochemical future
Date
5/30/2024 8:54:34 AM
(MENAFN) China petroleum and Chemical Corporation, commonly known as Sinopec, unveiled three comprehensive industry reports during a significant event held in Riyadh, Saudi Arabia, on Wednesday. These reports provide valuable insights into the trajectory of China's dynamic petrochemical sector, shedding light on key trends and future developments.
The first report, "China energy Outlook 2060 (2024 Edition)," paints a compelling picture of China's evolving energy landscape. It highlights a notable downward trend in energy consumption and carbon emissions, propelled by the nation's steadfast commitment to green and low-carbon initiatives. Notably, the outlook anticipates a significant milestone wherein China's coal consumption, vital for the country's energy security, will plateau around 2025, followed by a projected peak in oil demand before 2027.
Meanwhile, the "China Hydrogen Energy Industry Outlook" report offers a glimpse into the burgeoning hydrogen economy. Projections outlined in this report suggest a remarkable surge in China's hydrogen energy consumption by the year 2060, with estimates nearing 86 million tons. Furthermore, the report emphasizes a substantial shift towards non-fossil fuel sources for hydrogen production, with an anticipated surge to 93 percent by the same timeframe.
Lastly, the "2024 China Energy and Chemical Industry Development Report" underscores the imperative for sustainable practices within the petrochemical sector. It advocates for a strategic focus on resource conservation, intensification, and the implementation of high-efficiency recycling measures. Moreover, the report emphasizes the industry's pivotal role in contributing to China's broader objectives of achieving carbon peak and eventual carbon neutrality.
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