China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has announced the launch of the Energy and Chemical Industry Chain Carbon Footprint Alliance in Beijing, China. This initiative, led by eight prominent Chinese companies in the energy and chemical sectors, including Sinopec, CNPC, and CNOOC, aims to develop a comprehensive carbon footprint management system. By 2027, the alliance members plan to implement an enhanced carbon footprint calculation mechanism, advancing the sectors and China towards a low-carbon future.

The alliance has issued a mission declaration, pledging to create a high-quality, open platform for sharing technical expertise and fostering cooperation. Members are committed to establishing a product carbon footprint management system and developing carbon footprint accounting standards for 20 key products by 2027. Additionally, they aim to create a localized product carbon footprint factor database. This initiative will promote international exchange and mutual standard recognition, thereby enhancing global climate governance.

A carbon footprint encompasses the total greenhouse gas emissions produced directly and indirectly by an individual, organization, product, or state over a specific period. Leading global climate efforts with its cutting-edge new energy innovations and ambitious carbon emission control commitments, China has prioritized carbon footprint management. The country has devised a plan to establish a comprehensive system for calculating, evaluating, and certifying the carbon footprints of key products within the next few years.

Emphasizing Sinopec's green strategy and its role in advancing global low-carbon development goals, Wan Tao, Deputy General Manager of Sinopec, highlighted the company's efforts to advance clean fossil fuels, expand renewable energy use, and reduce carbon emissions in manufacturing processes. He added that, along with the alliance members, Sinopec seeks to strengthen collaboration, share information, and pool resources to create a carbon footprint management system, guiding the industry toward greener and more sustainable development.

Since 2015, Sinopec has been at the forefront of product carbon footprint accounting in the industry, assessing nearly 100 products from 40 companies. The company has developed a plan to establish a carbon footprint management system for its products, emphasizing standards for carbon footprint accounting, database development, and supply chain management. To date, Sinopec has successfully built carbon footprint information modules for six pilot enterprises and plans to expand these modules to include all enterprises.

Sinopec Corp. is one of China’s largest integrated energy and chemical companies. Its core activities encompass the exploration and production of petroleum and natural gas, as well as their pipeline transportation and sale. The company also handles the production, sale, storage, and transportation of refined products, petrochemicals, coal chemicals, synthetic fibers, and other chemical products. Additionally, Sinopec is involved in the import and export of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies, including agency services. The company also focuses on research, development, and application of technologies and information.