Prospects of China's Petroleum Refining and Petrochemical Industry under “Dual Carbon” Goals

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Abstract The essence of achieving “carbon peaking and carbon neutrality”, that is, China’s “dual carbon” goals as unveiled by a guiding document on the country’s work by the Communist Party of China Central Committee and the State Council, lies in accelerating the transition from fossil energy consumption to non-fossil energy consumption. The petroleum refining and petrochemical industry, as one of the industries with the highest level of carbon emissions in China’s industrial system, faces enormous challenges as thus. In this regard, refineries and petrochemical manufacturers have to propose and implement even more effective strategies and measures to reduce carbon emissions against the background of the “dual carbon” goals. The focuses will be put on strengthening energy management during production, speeding up industrial adjustment and transformation, accelerating the recycling of multiple resources including waste plastics, and developing innovative petrochemical processes, with a view to enabling gradual replacement of new energy and vigorously developing renewables. These are to usher in an era of great change, and contribute to the realization of China’s goals in carbon dioxide emission peaking by 2030 and carbon neutrality by 2060.

Published: 03 November 2022

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