The chairman of China Petroleum and Chemical Corporation (Sinopec) has called for the consolidation of carbon capture, utilization and storage (CCUS) projects in China’s voluntary emissions reduction system. This move is aimed at facilitating the participation of carbon reduction projects in the carbon market and urging companies to implement emission reduction projects.
CCUS is an essential carbon reduction technology that has the potential to significantly reduce emissions and is critical to achieving China’s “Dual Carbon” goals. While CCUS technology and projects continue to develop, the size of the CCUS project is still relatively small compared to total emissions, and gaps in core technology and high costs limit its commercial use in a wide range.
Sinopec’s President has called for the creation of a single national CCER market by registering for voluntary carbon credits certified in China (China Certified Emission Reduction) or launching new ones.
The chairman has also recommended amendments to regulations in the CCUS industry, the scope of laws and organizations, and technical specifications to launch a national standard for quantitative CCUS certification and explore supporting policies such as CCUS taxation and grants. This will help achieve the goal of carbon neutrality.
Sinopec’s chairman has proposed accelerating top-level planning and encouraging companies to establish a national innovation center to deal with core technologies. Strengthening commercial development and resource utilization under government guidance to promote the industry’s transition to a green economy.
The consolidation of CCUS projects in China’s voluntary emissions reduction system could pave the way for carbon neutrality, encouraging companies to implement emission reduction projects and participate in the carbon market. Sinopec’s call for a single national CCER market and amendments to regulations could help streamline the industry and increase its adoption in China.