China Petrochemical Corp. also referred to as Sinopec, announced its ambitious outlook for China’s energy landscape in a ground-breaking statement on Thursday.
China Petrochemical Corp. also referred to as Sinopec, announced its ambitious outlook for China’s energy landscape in a ground-breaking statement on Thursday. The state energy group anticipates a pivotal shift in the nation’s energy consumption patterns, with coal expected to peak around 2025 at 4.37 billion metric tons.
The heart of Sinopec’s 2060 outlook lies in the ascent of non-fossil energy sources, primarily driven by solar and wind power. The forecast predicts that by 2045, these renewable sources will surpass the equivalent of 3 billion metric tons of standard coal, emerging as the predominant energy source, accounting for over half of primary energy consumption.
This transformative move aligns with broader global efforts to address climate change and transition towards sustainable energy solutions.
Oil consumption, a critical facet of China’s energy matrix, is projected to peak between 2026 and 2030, hitting approximately 800 million metric tons or about 16 million barrels per day. This forecast takes into account the accelerated growth of the new energy vehicle sector, signaling a paradigm shift towards cleaner and more sustainable transportation solutions.
As China continues to position itself as a global leader in the push towards carbon neutrality, Sinopec foresees a plateau in the demand for natural gas around 2040. The projection places natural gas consumption at 610 billion cubic meters, constituting 13% of primary energy use. This strategic move positions natural gas as a key bridge fuel in China’s journey towards carbon neutrality, with a projected 9% of primary energy consumption in 2025, amounting to 425 billion cubic meters.
In terms of carbon emissions, Sinopec’s outlook indicates that China’s total emissions from energy activities are expected to reach a peak during the 15th Five-Year Plan period at 10.1 billion metric tons. This represents a marginal increase from the 10.02 billion tons recorded in 2023, showcasing the nation’s commitment to managing and ultimately reducing its carbon footprint.
This visionary outlook from Sinopec underscores China’s determination to transition towards a more sustainable and environmentally conscious energy landscape. As the global community intensifies efforts to combat climate change, China’s strategic plans outlined by Sinopec position the nation at the forefront of the energy revolution, setting a trajectory towards a greener and more sustainable future.