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Sinopec's International Launch of Global Energy Outlook 2060

The China Petroleum & Chemical Corporation, commonly known as Sinopec, has made waves by officially launching its first report titled "Global Energy Outlook 2060" on April 21, 2025. This notable debut took place at a special event in Riyadh, Saudi Arabia, which aimed to strengthen collaborations and share insights within the energy transition. Alongside this groundbreaking report, two additional publications were released: the "China Energy Outlook 2060 (2025 Edition)" and the "China Energy and Chemical Industry Outlook 2025."

This initiative marks a significant milestone as Sinopec becomes the first Chinese company to publish a medium- to long-term global energy forecast abroad, utilizing innovative research methods to enhance predictive accuracy. The findings presented in the report forecast that global primary energy consumption will peak at an astonishing 26.71 billion tons of standard coal equivalent (TCE) by 2045. Furthermore, it predicts that by 2060, renewable energy sources will comprise 51.8% of global energy consumption.

The report outlines an anticipated slowdown in overall energy use, which is expected to reach around 25.25 billion tons by 2060, with oil and gas maintaining a share of 35.7%. Specifically for oil consumption, it is projected to peak in 2030 at 4.66 billion tons, with a gradual shift away from transportation fuels towards industrial raw materials, although oil will still account for 40% of transportation energy by 2060.

One of the standout insights from the report is the remarkable growth expected in non-fossil energy sectors. The utilization of hydrogen, for example, is forecasted to surge from 2% in 2023 to near 50% by 2060, equating to over 340 million tons annually. Additionally, Carbon Capture, Utilization, and Storage (CCUS) technologies are anticipated to expand significantly, with expected capacities rising to 110 million tons by 2030 and reaching 4.7 billion tons by 2060, aiding the global energy transition.

On a national scale, the "China Energy Outlook 2060 (2025 Edition)" offers projections indicating that China’s primary energy demand will stabilize between 6.8 to 7.1 billion tons of TCE after 2030. Oil demand in the country is expected to peak before 2027, while non-fossil energies are set to surpass fossil fuels in power generation by 2035. This is projected to coincide with CO₂ emissions from the energy sector peaking at approximately 10.8 to 11.2 billion tons by 2030, establishing an early carbon summit.

Simultaneously, the "China Energy and Chemical Industry Outlook 2025" highlights that China's total refining capacity may reach 960 to 970 million tons per year by 2025, while the chemical sector is currently grappling with excess capacities in various segments, including olefins and aromatics.

The insights gathered from these reports highlight Sinopec's commitment to leading in energy transition efforts and emphasizes the importance of collaborative approaches in addressing global energy challenges. The release of these reports is a testament to Sinopec's dedication to not only its national agenda but also to global energy sustainability and innovation.

For more information about Sinopec and its initiatives, visit Sinopec's official website.