Sinopec Unveils Groundbreaking Energy Forecasts Promoting Vision 2060 Goals
In a strategic move aimed at reshaping the future of energy, China Petroleum and Chemical Corporation (Sinopec) has made significant strides by releasing its inaugural global energy outlook for the year 2060. This extensive report serves as a vital tool for regulators, industry leaders, and stakeholders worldwide, detailing potential pathways and transformations in the global and Chinese energy landscapes over the next several decades.
The report projects that global primary energy consumption will peak at 26.71 billion tons of coal equivalent by 2045, with renewables making up 51.8% of the total energy consumption by 2060. This shift towards greener energy sources signifies a remarkable transition, moving away from traditional fossil fuels towards more sustainable options.
Expectations indicate a gradual slowdown in global energy consumption, which will decrease to 25.25 billion tons of coal equivalent by the year 2060. As part of this transition, oil and gas will account for a combined 35.7% of total energy consumption, highlighting the ongoing reliance on these resources even as the world moves towards cleaner alternatives.
The report highlights that oil consumption is expected to peak at 4.66 billion tons around 2030. The energy landscape, particularly in the transportation sector, will see oil continue to play a significant role, comprising 40% of total energy demand for transport by 2060. This key imbalance emphasizes the need for ongoing investments in renewable energy technologies.
One critical element of Sinopec’s forecasts is the anticipated rise in non-fossil fuel energy sources. Technologies such as hydrogen production and advanced storage solutions like Carbon Capture, Utilization, and Storage (CCUS) are projected to play dominant roles in the energy shift. By 2060, hydrogen consumption is expected to reach over 340 million tons, marking its share in total energy consumption growing from 2% in 2023 to nearly 50% by 2060. Additionally, CCUS capacity is likely to escalate to 110 million tons of captured CO₂ by 2030 and 4.7 billion tons by 2060.
The report entitled "China Energy Outlook 2060 (2025 Edition)" delves into the patterns of energy consumption and transformation specific to China. Some anticipated developments include:
The report also addresses the challenges facing the energy and chemical industries in China as it projects a stabilization of oil refining capacities around 960-970 million tons annually by 2025. The sector is also tasked with overcoming issues of overcapacity in chemicals while pushing for further innovation that supports sustainable energy initiatives.
In conclusion, Sinopec's report does not just outline a forecast; it lays down a comprehensive roadmap for the future, guiding policymakers, business leaders, and stakeholders through the challenges and opportunities ahead. Committed to supporting the energy transition, Sinopec aims to innovate and promote sustainable low-carbon solutions in the energy and chemical sectors, paving the way for a greener future.
Key Highlights from the Global Energy Outlook
The report projects that global primary energy consumption will peak at 26.71 billion tons of coal equivalent by 2045, with renewables making up 51.8% of the total energy consumption by 2060. This shift towards greener energy sources signifies a remarkable transition, moving away from traditional fossil fuels towards more sustainable options.
Slowdown in Global Energy Consumption Growth
Expectations indicate a gradual slowdown in global energy consumption, which will decrease to 25.25 billion tons of coal equivalent by the year 2060. As part of this transition, oil and gas will account for a combined 35.7% of total energy consumption, highlighting the ongoing reliance on these resources even as the world moves towards cleaner alternatives.
Peak Oil Demand
The report highlights that oil consumption is expected to peak at 4.66 billion tons around 2030. The energy landscape, particularly in the transportation sector, will see oil continue to play a significant role, comprising 40% of total energy demand for transport by 2060. This key imbalance emphasizes the need for ongoing investments in renewable energy technologies.
Rise of Non-Fossil Fuels
One critical element of Sinopec’s forecasts is the anticipated rise in non-fossil fuel energy sources. Technologies such as hydrogen production and advanced storage solutions like Carbon Capture, Utilization, and Storage (CCUS) are projected to play dominant roles in the energy shift. By 2060, hydrogen consumption is expected to reach over 340 million tons, marking its share in total energy consumption growing from 2% in 2023 to nearly 50% by 2060. Additionally, CCUS capacity is likely to escalate to 110 million tons of captured CO₂ by 2030 and 4.7 billion tons by 2060.
Focus on China's Energy Paradigm
The report entitled "China Energy Outlook 2060 (2025 Edition)" delves into the patterns of energy consumption and transformation specific to China. Some anticipated developments include:
- - Peak Energy Consumption: The primary energy consumption in China is expected to stabilize post-2030 following a peak between 6.8 billion and 7.1 billion tons of coal equivalent. Notably, the oil consumption is predicted to hit its peak before 2027 at 800 million tons.
- - Growth of Natural Gas: Natural gas consumption is expected to experience moderate to high growth, especially between 2026 and 2030, with an increment of over 110 billion cubic meters.
- - Non-Fossil Fuel Transition: By 2035, electricity production from non-fossil fuel sources is anticipated to surpass that from fossil fuels, with an expected production of 8,400 TWh.
- - Carbon Emission Peaks: The CO₂ emissions linked to China's energy sector could rise slightly, peaking at between 10.8 and 11.2 billion tons, which will help the country achieve its carbon emission reduction target by 2030.
Challenges and Innovations in the Energy Sector
The report also addresses the challenges facing the energy and chemical industries in China as it projects a stabilization of oil refining capacities around 960-970 million tons annually by 2025. The sector is also tasked with overcoming issues of overcapacity in chemicals while pushing for further innovation that supports sustainable energy initiatives.
In conclusion, Sinopec's report does not just outline a forecast; it lays down a comprehensive roadmap for the future, guiding policymakers, business leaders, and stakeholders through the challenges and opportunities ahead. Committed to supporting the energy transition, Sinopec aims to innovate and promote sustainable low-carbon solutions in the energy and chemical sectors, paving the way for a greener future.
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