Petroleum firm Sinopec has launched a unit to capture and store carbon dioxide in a further step towards China’s environmental ambitions.
The new unit is called Sinopec Carbon Industry Technology Co Ltd, and will aim to capture and store 3 million tonnes annually of CO2 and utilise 2 million tonnes a year by 2025, Sinopec said in a statement on Thursday.
It has registered capital of 2.5 billion yuan ($352.06 million) with Sinopec Corp holding a 46% stake and Sinopec’s Nanjing Chemical Industries Corp holding 43%, it added.
China’s Environment Goals
China’s national goal is to reach peak carbon emissions by 2030 and carbon neutrality by 2060.
National energy companies including Sinopec have pledged multi-billion dollar investment in low carbon sectors, such as renewable power generation, hydrogen fuel and carbon capture.
Other stakeholders included several engineering subsidiaries of Sinopec as well as Sinopec’s oil and gas trading arm Unipec, the latter having set up a carbon trading desk last year.
- Reuters, with additional editing from Alfie Habershon