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Move unswervingly toward the goal of "net zero" emission

Since the 13th Five-Year Plan, Sinopec has been sternly implementing the new development concept, the requirements for the development of an ecological civilization, and the strategy of green and low-carbon development to effectively regulate greenhouse gas emissions, and significant results have been attained in carbon emission reduction.

To make full use of clean energy, Sinopec emphasized more on the exploration and development of shale gas and coal-bed methane while increasing the capacity construction of conventional natural gas. The geothermal heating capacity was increased to 60.44 million square meters; the biological aviation fuel successfully fueled the transoceanic commercial flight; biodiesel was applied to vehicles regularly; multiple oil-hydrogen hybrid demonstration stations have been built nationwide to accelerate the deployment in the hydrogen industry.

To strengthen the energy-saving management, we accelerated the industrial restructuring and closed outdated production facilities. Through the "energy efficiency improvement" program, we have implemented 3, 406 projects, cut standard coal consumption by 5.48 million tons, and reduced greenhouse gas emission by 13.48 million tons.

Regarding the greenhouse gas recycling, Sinopec supported the recycling of high-concentration carbon dioxide tail gas from refining and chemical companies, as well as conducted field tests for carbon dioxide flooding and mid-air methane recovery in oilfield companies. Moreover, we carried out the lifecycle accounting and evaluation of carbon footprint of products such as aviation fuel, lubricant, and polyethylene.

During the 13th Five-Year Plan period, the accumulated volume of carbon trading in pilot enterprises was approximately 13.37 million tons, with the transaction amount nearly RMB 300 million. Since the launch of the carbon market, our pilot enterprises have traded carbon of 17.52 million tons, reporting RMB 442 million trading value.