Sinopec to participate in China’s national carbon market
China 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.
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