Sinopec Completes the First Agreement in the National Carbon Market

Sinopec successfully completed the first major agreement transaction in the national carbon market, buying 100,000 tons of national carbon market carbon allowances from China Resources Group. The official transaction data of the Shanghai Environment and Energy Exchange shows that this transaction is the first major agreement transaction since the national carbon market was officially launched.

The agreement transfer of carbon emission rights includes two methods: listing agreement transaction and block agreement transaction. The transaction is done in the form of listing agreement transaction for less than 100,000 tons, and the transaction is for block agreement transaction for more than 100,000 tons (including 100,000 tons). According to calculations, the carbon emissions of enterprises covered by the first batch of carbon markets nationwide have exceeded 4 billion tons, which means that once my country's carbon emissions trading market is launched, it has become the carbon market with the largest coverage of global greenhouse gas emissions.

At present, the trading volume of the national carbon emission trading market is generally stable. 17 of Sinopec’s self-owned power plants have been included in the national carbon market. Among them, 4 companies including Shengli Oilfield, Maoming Petrochemical, Shanghai Petrochemical, and Zhongtian Hechuang participated in the first Daily carbon trading. United Petrochemical is the main operating entity of Sinopec's carbon trading business, and it uniformly acts as an agent for companies in the system to conduct transactions.

It is reported that Sinopec is accelerating the construction of a clean and low-carbon energy supply system, increasing industrial and energy structure adjustments, continuing to carry out greenhouse gas emission reduction, exploring carbon neutral forests, carbon neutral gas stations and other characteristic carbon neutral models, and planning Reduce methane emission intensity by 50% by 2025, and strive to achieve the goal of carbon neutrality in advance.