OREANDA-NEWS. October 07, 2014. Sinopec delegation participated in the United Nations Secretary-General’s Climate Summit for the third year in a row. Sinopec joined with global peers and world leaders to advocate for addressing climate change and demonstrate progress on emissions reduction and strengthen climate resilience. The Chairman of Sinopec, Mr. Fu Chengyu, made a keynote speech at a high-level luncheon of Private Sector Forum as part of the Secretary General’s Climate Summit.

In recent years Sinopec has focused on a green, low-carbon development strategy, committed more than US\\$ 5 billion to environmental protection and “Caring for Climate” actions. In 2013, the company launched the “Clear Water, Blue Sky” environmental protection program. Sinopec allocated US\\$3.8 billion over three years for the initiative to implement 803 environmental projects. June 2014 saw the launch of Sinopec’s “Double Energy Efficiency” plan, which aims to double the company’s energy efficiency by 2025.

The plan calls for 1,250 projects totaling US\\$1.25 billion to be completed by the end of 2015 to reduce CO2 emissions by 7.4 million tons. As part of the plan, with the support of third-party international auditors, Sinopec is conducting greenhouse gas emissions audits across the value chain at more than 30,000 gas stations and depots, 2,000 refining and chemical units, and 100 oilfields. Sinopec is running its pilot carbon trading program with a total trading volume close to USD15.8 million (RMB100 million). 

Chairman Fu, host of two previous Caring for Climate China Summits as Chair of Global Compact Network China, said: "Sinopec plays a key role among Chinese companies as we join efforts with global peers to address climate change.” Fu also noted that responsible energy utilization is highly impactful in emerging economies as countries develop. Sinopec continues to advocate for environmentally friendly practices in China and acts by example to grow in a sustainable way.