Sinopec releases reports on China's energy development

RIYADH -- China Petroleum and Chemical Corporation, or Sinopec, released Wednesday in the Saudi capital of Riyadh three industry reports, shedding light on the future of China's petrochemical sector.

The three reports are "China Energy Outlook 2060 (2024 Edition)," "China Hydrogen Energy Industry Outlook," and "2024 China Energy and Chemical Industry Development Report."

China Energy Outlook 2060 shows a downward trend in energy consumption and carbon emissions in China, fueled by the country's green and low-carbon initiatives. The outlook forecasts that China's coal consumption, which anchors the country's energy security, will stop growing around 2025, and oil demand will peak before 2027.

China Hydrogen Energy Industry Outlook report predicts that by 2060, China's hydrogen energy consumption will be nearing 86 million tons, and non-fossil fuel as an energy source used for making hydrogen will jump to 93 percent.

The 2024 China Energy and Chemical Industry Development Report stresses the need to prioritize the conservation, intensification, and high-efficiency recycling of resources in the petrochemical industry, while steadily moving towards achieving carbon peak and carbon neutrality.