Move by country’s biggest oil refiner follows Beijing pledge to cut emissions to near zero
Sinopec says it will push deeper into China’s fast-growing hydrogen energy sector in a move that could reverberate through the global oil industry, as the country’s biggest refiner unveiled record quarterly earnings.
The state-backed company, which has Rmb87bn ($13bn) in cash, said on Thursday it planned to “reallocate some of our resources all along the hydrogen chain”, from refuelling stations to investing in production of the energy source itself. Sinopec did not provide specific details on the initiative.
The push from one of the world’s largest oil refiners into hydrogen energy comes after China, which emits more than a quarter of the world’s carbon dioxide, in September pledged to cut emissions to almost zero by 2060.