RIYADH, Saudi Arabia, May 29, 2024 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") publicized reports that shed light on the future of China's petrochemical sector, along with the decarbonization efforts of Chinese companies as they continue to push for a green, low-carbon transition, at the press conference in Riyadh, Saudi Arabia, on May 29. The conference boasted a turnout of over 70 people, featuring a notable speech by Xie Qinsheng, Minister Counsellor for Economic and Commercial Affairs, Embassy of the People's Republic of China in the Kingdom of Saudi Arabia. Esteemed participants included representatives from the Saudi Energy Ministry, Saudi Aramco, the King Abdullah Petroleum Studies and Research Center, King Fahd University of Petroleum and Minerals, and various local news agencies.
Three key reports, namely "China Energy Outlook 2060 (2024 Edition)", "China Hydrogen Energy Industry Outlook", and "2024 China Energy and Chemical Industry Development Report", were presented on the press conference with the theme Green Transition, High-profile Development, Innovative Future, followed by the keynote reports delivered by experts from Saudi Arabia's Center for Research and Intercommunication Knowledge (CRIK) and Wood Mackenzie Ltd. to introduce the development prospects of Saudi Arabia's energy and chemical industries and highlight the research results of the global energy transition.
China Energy Outlook 2060 (2024 Edition) shows a downward trend in energy consumption and carbon emissions in China, fueled by the country's green and low-carbon initiatives, with breakdown forecasts below:
- The outlook forecasts that China's coal consumption, which anchors the country's energy security, will stop growing around 2025.
- Oil demand will peak before 2027.
- Natural gas usage is rising and is projected to peak by 2040.
- Non-fossil energy is projected to dominate China's total energy supply by approximately 2045.
China Hydrogen Energy Industry Outlook Report predicts that by 2060, China's hydrogen energy consumption will be nearing 86 million tons, creating an industry worth 4.6 trillion RMB. Non-fossil fuel as an energy source used for making hydrogen will jump to 93% by then, with solar and wind energy to contributing to two-thirds of the production.
The 2024 China Energy and Chemical Industry Development Report stresses the need to prioritize the conservation, intensification, and high-efficiency recycling of resources in 2024 of the petrochemical industry, while steadily moving towards achieving carbon peak and carbon neutrality, speeding up energy efficiency improvements, and increasing the use of renewable energy sources. International oil prices will sustain a medium-to-high level, but the possibility of major global events may flatten the market.
For more information about the reports, please visit http://www.sinopecgroup.com/group/en/.
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