Shanghai Environment and Energy Exchange (SEEE) has issued the first carbon neutral petroleum certificate to an oil cargo imported from Angola by Sinopec.
According to Sinopec, the certificate was issued to the oil company, Cosco Shipping and China Eastern Airlines at a ceremony for China’s first shipment of full life cycle carbon-neutral petroleum held late this month in Shanghai, China.
The crude oil of this carbon neutral petroleum project was produced from Sinopec International Petroleum Exploration and Production Corporation’s share of oil in Angola and was imported by Sinopec’s trading arm Unipec with Cosco Shipping as the carrier.
The crude oil shipment travelled over 9,300 nautical miles across the Atlantic, Indian and Pacific oceans, arriving at Ningbo Zhoushan Port. The 30,000 tons of crude oil was later transported to the Sinopec Gaoqiao Petrochemical Corporation refinery.
Sinopec will officially launch the carbon-neutral gasoline and diesel products to the public at designated gas stations this year. In the meantime, Sinopec will be supplying 5,417 tons of jet fuel to China Eastern Airlines to build carbon-neutral flights as a joint effort.
To offset the carbon emissions produced throughout the life cycle of the shipment of oil, Sinopec, Cosco Shipping and China Eastern Airlines actively implemented energy saving and emission reduction strategies, purchased Chinese Certified Emission Reduction (CCER) carbon credits, and hired SEEE as the carbon neutral certification authority.
Sinopec, Cosco Shipping and China Eastern Airlines have taken their respective advantages to jointly develop an innovative practice of building “a new model of green transportation,” exploring a cross-industry, full-cycle and zero-emission path – a milestone significance as China’s transportation and energy sectors promote to reach peak carbon emissions and achieve carbon neutrality.
The project invited China Classification Society Certification Company (CCSC) as the third-party verification agency to measure the carbon dioxide produced throughout the entire life cycle, from oil exploitation, transportation, storage, refining to product consumption accurately, and then equally offset the emissions to complete China’s first carbon neutral oil shipment.
“Sinopec is committed to achieve green and low-carbon development. This carbon neutral petroleum project has achieved carbon neutrality from the ‘cradle’ to the ‘grave’ with every drop of oil. It is also the first carbon emissions offset endeavor carried out by companies across three industries, realizing full coverage of carbon neutralization of land, sea and air transportation”, said Ling Yiqun, Vice President of Sinopec Group.