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On September 22, Sinopec, COSCO SHIPPING, and China Eastern Airlines jointly held China's  first ship carbon-neutral crude oil cargo certification ceremony in Shanghai.

The Shanghai Environment and Energy Exchange issued China's first carbon and oil certification to three companies. This is the innovative practice of Sinopec, COSCO SHIPPING and China Eastern Airlines to use their respective advantages to jointly build a "new green transportation model", exploring a cross-industry, full-cycle, and zero-emission path, and promoting "dual carbon" in China's transportation and energy sector. The landing of the target is of milestone significance.

30,000 tons of crude oil were produced by Sinopec in Angola, shipped by Cosco Shipping and transported to the port of Ningbo Zhoushan, and then sent to the Sinopec refinery for processing.

The oil and gas industry is one of the pillar industries of China's national economy. It plays a pivotal role in social and economic development. It is also a major carbon emitter. According to statistics, carbon emissions from the oil and gas industry account for about 20% of China's total carbon emissions. "According to Sinopec's research, under the demand of carbon emission targets, global oil demand will enter a plateau around 2030, and natural gas demand will enter a plateau around 2040. Sinopec is committed to green and low-carbon development and strives to be sustainable. Development vanguard." Ling Yiqun, deputy general manager of Sinopec, told reporters that this carbon neutral oil project has achieved carbon neutrality from the "cradle" to the "grave" of every drop of oil. It is also the first time for the domestic petroleum, shipping and aviation industries. Cooperating in offsetting the carbon emissions of end products has achieved carbon neutralization of petroleum covering all areas of land, sea and air, and has a positive demonstration effect.

The reporter learned that the crude oil for the carbon-neutral oil project is produced from Sinopec's share of oil in Angola and imported by Sinopec United Petrochemical Company. COSCO SHIPPING, as the carrier, travels more than 9,300 nautical miles across the Atlantic, Indian Ocean, The Pacific Ocean, arrived at Zhoushan Port, and was transported by a two-way ship. 30,000 tons of crude oil was refined at Sinopec Gaoqiao Petrochemical Company. A total of 8,963 tons of motor gasoline, 2,276 tons of motor diesel, 5417 tons of aviation kerosene, and 2,786 tons of liquefied petroleum gas 6,502 tons of marine diesel, 2998 tons of low-sulfur marine fuel oil  were produced. Sinopec will officially launch carbon-neutral gasoline and carbon-neutral diesel to the society at certain gas stations this year. At the same time, Sinopec will supply 5417 tons of aviation kerosene to China Eastern Airlines and cooperate with China Eastern Airlines to build carbon-neutral flights.

In order to offset the carbon emissions of the entire life cycle of oil, Sinopec, COSCO Shipping, and China Eastern Airlines actively implemented energy-saving and emission reduction strategies and purchased national certified voluntary emission reductions (CCERs) to offset the carbon emissions of the entire life cycle of oil, and The Shanghai Environment and Energy Exchange is hired as a carbon neutral certification body. The emission reduction projects purchased this time mainly include the Jiangxi Fenglin Carbon Sink Afforestation Project, the Gantangzi Grid-connected Photovoltaic Power Station Project in Binchuan County, Dali Prefecture, Yunnan Province, etc. to fund the development of agriculture and forestry planting in remote areas, the development of low-carbon green energy, and poverty alleviation at the same time, China's first ship of carbon-neutral oil has been realized in a complete sense.

"In the process of purchasing CCERs to offset carbon emissions, the three companies fully consider the various benefits of voluntary emission reductions." Lai Xiaoming, chairman of the Shanghai Environment and Energy Exchange, said that the three state-owned enterprises have joined forces this time to play a pioneering role, realizing the diversified compensation of ecological protection.

Huang Xiaowen, deputy general manager of COSCO SHIPPING, said that achieving the "dual carbon" goal is China's inherent requirement for achieving high-quality development. COSCO SHIPPING has formulated differentiated solutions and safeguards for the four core industries of shipping, equipment manufacturing, ports and logistics, continuously optimized the structure of the fleet, improved the energy efficiency of ships in operation, and actively studied low-carbon and zero-carbon energy alternatives. Reduce carbon emissions and increase carbon removal. In the future, COSCO SHIPPING will continue to explore the road of sustainable development with partners from all walks of life and guard the blue sea and blue sky.

"This project is an in-depth cooperation between the aviation industry and the energy industry." Zhou Qimin, deputy general manager of China Eastern Airlines, said that in the context of global climate governance, the aviation industry has been actively exploring a path to deep decarbonization. This project will lead the aviation, petroleum, and shipping industries to a green and sustainable development. China Eastern Airlines is willing to join hands with partners from all walks of life to continue to practice green and low-carbon flight, help the "dual-carbon" cause, and create a better future.