Sinopec Unveils Groundbreaking Global and Chinese Energy Forecast, Focuses on 2060 Vision and Industry Development By Investing.com

The Company Also Released The 2025 China Energy Industry Development Report

BEIJING, December 24, 2024 /PRNewswire/ — China Petroleum (OTC:) and Chemical Corporation (HKG: 0386, “Sinopec (OTC:)”) unveiled big predictions about the broad outlook for the world’s and China’s energy landscape over the next few decades, marking a milestone as Sinopec publishes its first long-term global energy outlook. its kind.

Sinopec provides detailed forecasts for the future of both fossil energy and renewable energy worldwide. Key ideas include:

• Global Primary Power : It is expected to increase to 26.71 billion equivalent tons by 2045, with renewable energy accounting for 51.8% of total energy consumption by 2060.
• Slower Growth in Energy Consumption: Global energy consumption will slow, reaching 25.25 billion tons of coal equivalent in 2060. During this period, oil and gas together will account for 35.7% of total energy consumption.
• High Demand for Fuel: Oil consumption is expected to increase by 4.66 billion tons by 2030. Although the focus of use is shifting from transportation to industrial feedstock, oil will remain the leading transportation fuel, with a 40% share of total transportation energy demand by 2060.
• Climbing Non-Skeletal Strength: Significant growth in non-fossil energy sources such as hydrogen, CCUS (Carbon Capture, Utilization, and Storage), and advanced energy storage technologies. Hydrogen consumption is expected to exceed 340 million tons by 2060, with its share of energy consumption increasing from 2% in 2023 to nearly 50% in 2060. The capacity of the CCUS is expected to reach 110 million tons of CO ‚ captured in 2030, and 4.7 billion tons in 2060.

I China Energy Outlook 2060 (2025 Version) he investigates China‘power consumption and transformation, highlighting:

• High Power Consumption: China‘primary energy consumption is expected to increase significantly after 2030, reaching a peak of 6.8–7.1 billion coal-equivalent tons. Oil consumption will increase before 2027, by 800 million tons. it is expected to see a period of moderate to high growth, especially between 2026 and 2030, when consumption is expected to increase to more than 110 billion cubic meters.
• Switch to Non-Fossil Energy: By 2035, non-fossil energy generation is expected to surpass fossil fuels, reaching 8,400 TWh. The share of non-fossil energy consumption will rise to 27% between 2026 and 2030. China‘The transformation of energy use will depend heavily on a variety of mixes, including electricity, hydrogen, ammonia, and other clean alternatives.
• The top: China‘Energy-related carbon dioxide emissions are expected to increase slightly from 10.66 billion tons to a peak of 10.8-11.2 billion tons. This pathway will help ensure that the country reaches its carbon reduction target by 2030.

I 2025 China Energy Industry Development Report 2025 provides information about the emergence of China‘energy and chemical industries:

• Oil Refining Power: Of China Oil refining capacity is nearing its peak, and total refining output will stabilize at 960-970 million tons per year by 2025.
• Challenges in the Chemical Industry: Despite significant growth, the chemical market is facing challenges such as overcapacity in the olefin and aromatic hydrocarbon industries, and the high sustainability of bulk chemical production.
• Innovation Driving Growth: Innovation is identified as a driving force China‘energy and chemical industries towards a more sustainable future.

Through these reports, Sinopec provides a guide for policymakers, industry leaders, and stakeholders to assess the challenges and opportunities of the coming decades. The company remains committed to driving the energy revolution, developing technology, and promoting sustainable, low-carbon solutions across the energy and chemical sectors.