GlobalData offers a comprehensive analysis of China Petroleum & Chemical, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on China Petroleum & Chemical’s ESG performance. GlobalData’s company profile on China Petroleum & Chemical offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
China Petroleum & Chemical, also known as Sinopec, has set net-zero targets for its operations, according to its 2022 Sustainability Report. The company aims to achieve net-zero emissions by 2050, with specific goals related to scope 1, scope 2, and scope 3 emissions. Sinopec's carbon emissions trend has been decreasing, with direct (scope 1) and energy indirect (scope 2) greenhouse gas emissions falling from 59-61 million tonnes CO2-equivalent in 2021 to 51-57 million tonnes CO2-equivalent in 2022.
Sinopec has taken steps to reduce emissions, including implementing carbon capture and storage technology and investing in renewable energy. Sinopec Corp. set lowering its emissions of greenhouse gases targets for the years 2018 to 2023, and the company was on track to achieve those goals in 2022. In 2022, the company launched new energy initiatives that reduced carbon dioxide emissions by 1.44 million tonnes while saving 550,000 tonnes of energy from conventional coal. Sinopec Corp. places a high priority on monitoring and reducing GHG emissions. To accomplish this, it regularly evaluates the carbon emissions of each subsidiary and sets up a sophisticated system for managing carbon assets. In 2022, the company reported GHG emission of 161.79 million tonnes CO2e. The company has also set targets to reduce its energy consumption and increase its use of clean energy. In addition, Sinopec has implemented policies and management systems to integrate sustainability principles, including human rights, labour, and environmental stewardship, into its operations.
According to the 2022 ESG report, methane recovery reported year-on-year growth was 16.3% compared to 2021. The report also includes information on its performance in areas such as occupational health and safety, supplier management, and employee demographics. Sinopec has reported a decrease in the number of accidents and deaths due to production safety accidents, as well as an increase in the number of suppliers passing qualification assessments. The report also shows a decrease in the total number of employees and an increase in the percentage of female employees in management positions.
In conclusion, Sinopec's net-zero targets and emission reduction efforts align with China's goal of achieving carbon neutrality by 2060. The company's focus on sustainability and responsible business practices is in line with the United Nations Global Compact principles and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
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