Chinese energy giant Sinopec bets future on hydrogen as it looks to reach decarbonisation goals ahead of time

The world’s largest oil refiner has set a target for carbon emissions to peak by 2025, and will aim to achieve carbon neutrality by 2050, chairman Zhang says

The company plans to have 100 hydrogen refuelling stations this year, which will be expanded to 1,000 by 2025

Reading Time:3 minutes

Sinopec has China’s biggest network of fuel stations, operating some 30,700 outlets. Photo: Reuters

Published: 2:30pm, 29 Mar 2021Updated: 11:39am, 30 Mar 2021

China Petroleum & Chemical (Sinopec) has made hydrogen the core of its transformation plan into a lower carbon business, putting it on course to achieve its target well ahead of the nation’s decarbonisation goals.

The world’s largest oil refiner has set a target for carbon emissions to peak by 2025, ahead of the national target of 2030, and will strive to achieve carbon neutrality by 2050 – a decade ahead of the national goal, said chairman Zhang Yuzhuo.

Last September, President Xi Jinping set the goal for China’s carbon dioxide emissions to peak before 2030 and for the country to achieve net zero emissions by 2060.

“Hydrogen is the core of Sinopec’s low carbon business transformation,” Zhang said during a teleconference on Monday. “We aim to be China’s largest hydrogen company.”

Sinopec chairman Zhang Yuzhuo wants to make it China’s largest hydrogen company. Photo: SCMP

Within the hydrogen supply chain, Sinopec is most competitive in the distribution segment, he said, adding the company plans to have 100 hydrogen refuelling stations this year, rising to 1,000 by 2025.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x