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Sinopec's Global Energy Outlook 2060 Report Release

In an important milestone for the global energy sector, China Petroleum and Chemical Corporation (commonly known as Sinopec) launched its inaugural Global Energy Outlook 2060 report on April 21, 2025, during an event held in Riyadh, Saudi Arabia. This marks not only a significant attempt by a Chinese enterprise to present long-term energy forecasts internationally but also emphasizes Sinopec's commitment to energy transition and international cooperation.

The release of this report, along with two additional publications—the China Energy Outlook 2060 (2025 Edition) and the 2025 China Energy and Chemical Industry Outlook—reflects a comprehensive view of both global and national energy scenarios aimed at facilitating informed decisions and sustainable practices in the energy sector.

Key Insights from the Global Energy Outlook 2060

The Global Energy Outlook illustrates a detailed forecast emphasizing critical trends in energy consumption. According to the report, worldwide primary energy use is projected to peak at 26.71 billion tonnes of standard coal by 2045. Remarkably, by 2060, renewable energy sources are expected to constitute 51.8% of this consumption mix.

Furthermore, projections indicate that total global energy consumption will decrease to 25.25 billion tonnes by 2060, with fossil fuels (oil and gas) representing only 35.7% of the energy market by then. This signifies a profound shift as the world transitions towards greener alternatives, with non-fossil energy sources such as hydrogen expected to account for virtually half of energy use by 2060, ballooning from a mere 2% in 2023 to over 50%—translating to more than 340 million tonnes annually.

The Chinese Perspective

The report elaborates on the anticipated trajectory for China's energy use, predicting that it will plateau post-2030, peaking at between 6.8 to 7.1 billion tonnes of standard coal. Notably, oil demand in China is expected to hit its peak before 2027, heralding a shift towards renewable energy sources surpassing fossil fuels for power generation by 2035. CO₂ emissions related to energy are forecasted to peak at between 10.8 to 11.2 billion tonnes prior to 2030, which should facilitate an earlier carbon peak relative to previous trajectories.

The State of the Chemical Industry

Additionally, the 2025 China Energy and Chemical Industry Outlook highlights that by 2025, China's total refining capacity is projected to reach its limit at 960–970 million tonnes per year. The chemical sector is anticipated to face challenges, notably with surplus capacities in olefins and aromatics as well as sustained high levels for bulk chemicals.

The Future of Energy

The findings from Sinopec's reports have significant implications for global energy policies and practices, illustrating the urgent need to pivot towards a more sustainable energy infrastructure. As energy demands shift and new technologies emerge, the insights provided by these reports are invaluable for governments, businesses, and researchers aiming to navigate the complexities of the energy landscape effectively.

With its strategic release of the Global Energy Outlook 2060, Sinopec not only reinforces its role as a leader in the energy sector but also sets a precedent for Chinese enterprises to engage internationally in discussions about energy transformation and the future of global energy markets.

For further details on these insightful reports, please visit Sinopec's official site.