Sinopec to participate in China’s national carbon market

China

SHANGHAI, July 23, 2021 – China Petroleum & Chemical Corporation (Sinopec) has closed its first bulk transaction agreement under China’s new national carbon market, Shanghai Environment and Energy Exchange announced on Wednesday.

The company will purchase a quota of 100,000 tonnes worth of carbon emissions from China Resources Group. It is the first transaction under China’s national carbon market launched last week.

Sinopec’s carbon trading is done through its subsidiary, China International United Petroleum & Chemicals. A total of 17 Sinopec subsidiaries will participate in the deal.

Sinopec is targeting a 50% reduction in methane emissions by 2025. China has pledged to reach net-zero carbon emissions by 2060.