Country for PR: China
Contributor: PR Newswire Asia (China)
Friday, July 23 2021 - 00:05
Sinopec Closes First Bulk Agreement Transaction of China's National Carbon Market
BEIJING, July 22, 2021 /PRNewswire-AsiaNet/ --

China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has successfully 
closed the first bulk agreement transaction of China's national carbon market 
on July 21, purchasing 100,000 tons of carbon emission quota from China 
Resources Group. Per the official transaction data disclosed by the Shanghai 
Environment and Energy Exchange (SEEE), it was the first bulk agreement 
transaction since the official launch of China's national carbon market and the 
only bulk agreement transaction on the day.

A total of 17 Sinopec's subsidiaries have their self-supply power plants 
included in the national carbon market, among which four companies, namely 
Sinopec Shengli Oilfield, Sinopec Maoming Petrochemical, Sinopec Shanghai 
Petrochemical and ZTHC Energy, participated in the first day of carbon trading. 
Sinopec's carbon trading business is operated by its wholly-owned subsidiary 
China International United Petroleum & Chemicals (UNIPEC) as the main body of 
operation, which uniformly conducts transactions of companies in the Sinopec 
system in the national carbon market.

Sinopec is actively participating in the establishment of pilot carbon markets 
and China's national carbon market, carried out system-wide carbon emissions 
inspections and established a carbon emissions data accounting system in 2012, 
and initiated the construction of a carbon asset management information system 
in 2015 to effectively improve the efficiency of carbon emissions accounting 
and data accuracy. Sinopec's pilot companies have all fulfilled their carbon 
quota compliance tasks in full, and accumulated extensive experience for 
entering the national carbon market.

Sinopec is unswervingly working towards the goal of net zero. The energy and 
chemical industry is a key area of work for China to reach peak carbon 
emissions and build the carbon market. In 2020, Sinopec proposed building a 
world-leading clean energy chemical company, and for the first time, 
"cleanliness" was incorporated into the company's vision and goals. 

The company is constructing an industrial layout of "one foundation, two wings 
and three news" with significant efforts, laying a solid basis with energy 
resources, strengthening the "two wings" of improving clean oil quality and 
modern industrial development, and expanding the "three news" – exploring new 
energy, new material and new economy.

As China proposes to reach peak carbon emissions in 2030 and achieve carbon 
neutrality by 2060, Sinopec is accelerating its construction of a clean, 
low-carbon energy supply system, increasing industrial and energy structure 
adjustments and continuing the reduction of greenhouse gas emissions. Sinopec 
will reduce the annual methane emission intensity by 50 percent by 2025, while 
developing carbon-neutral forests, carbon-neutral gas stations and other 
distinctive models to achieve carbon neutrality ahead of China's target and 
contribute to making new contributions in tackling global climate change.

The carbon market is a market where the emission rights of carbon dioxide and 
other greenhouses gases are traded as a commodity in order to achieve the 
overall goal of controlling greenhouse gas emissions. It adopts market 
mechanisms to control and reduce emissions and promote economic development, 
and is an important institutional innovation of green and low-carbon 

Please visit Sinopec ( )for more information. 

About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies in 
China. Its principal operations include the exploration and production, 
pipeline transportation and sale of petroleum and natural gas; the sale, 
storage and transportation of petroleum products, petrochemical products, coal 
chemical products, synthetic fiber, fertilizer and other chemical products; the 
import and export, including an import and export agency business, of 
petroleum, natural gas, petroleum products, petrochemical and chemical 
products, and other commodities and technologies; and research, development and 
application of technologies and information.

Sinopec sets 'fueling beautiful life' as its corporate mission, puts 'people, 
responsibility, integrity, precision, innovation and win-win' as its corporate 
core values, pursues strategies of value-orientation, innovation-driven 
development, integrated resource allocation, open cooperation, and green and 
low-carbon growth, and strives to achieve its corporate vision of building a 
world leading energy and chemical company.


Image Attachments Links:


   Caption: Sinopec Closes First Bulk Agreement Transaction of China’s National 
Carbon Market, purchasing 100,000 ton of carbon emission quota from China 
Resources Group.