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On September 22, one year after Chinese government’s announcement of ´Carbon Emission Peak & Carbon Neutrality´, COSCO SHIPPING, together with Sinopec and China Eastern Airlines jointly held the certification ceremony of China´s first voyage of full lifecycle cycle carbon neutral oil. In the ceremony, COSCO SHIPPING, as one of the three companies, was awarded with China´s first carbon neutral oil certification issued by the Shanghai Environment and Energy Exchange. Executive Vice President of COSCO SHIPPING, Mr. Huang Xiaowen attended the event and delivered a speech.
The project is an innovative practice of ‘new green traffic model’, in which COSCO SHIPPING, Sinopec and China Eastern Airlines gave full play of their respective advantages, explored a cross-industry path with full lifecycle coverage and zero carbon emission. It is a milestone to reach the target of ´Carbon Emission Peak & Carbon Neutrality´ in China’s transportation and energy sectors.
Crude oil of this project was the quota oil of Sinopec International Petroleum Exploration and production corporation, originated from Angola. It was imported by UNIPEC, and transported by COSCO SHIPPING. After approximately 9,300 nautical miles’ voyage, the crude oil was delivered at the port of Zhoushan, China. 30,000 tons of crude oil would be refined at Sinopec Gaoqiao Petrochemical after transshipment, generating 8,963 tons of motor spirit, 2,276 tons of automobile diesel, 5,417 tons of Jet fuel, and 2,786 tons of LPG, 6,502 tons of marine diesel and 2,998 tons of low sulfur marine fuel oil. These carbon neutral gasoline and diesel will be officially provided to the market by Sinopec in specific gas stations this year.
In order to offset the carbon emission in the full lifecycle of oil, COSCO SHIPPING, Sinopec and China Eastern Airlines purchased the Chinese Certified Emission Reduction (CCER) quota to actively implement energy-saving and emission reduction strategy. They employed Shanghai Environment and Energy Exchange as the certification authority of the carbon neutrality project. Plenty of emission reduction projects were funded, for agriculture and forestry development, green energy popularization and poverty alleviation. At the same time, China´s first voyage of carbon neutral oil was accomplished in a complete sense.
China Classification Society Certification Company (CCS) was invited as the third-party verification institution, accurately measured the carbon dioxide emission in full life cycle and neutralized the same equivalent from petroleum mining, transportation, storage, refining and consumption. In this project, the three giants played their own advantages: Sinopec took the responsibility of carbon neutrality in oil mining, storage, processing, and the consumption of motor spirit, LPG, and other petroleum products. COSCO SHIPPING was responsible for the carbon neutrality in crude oil transportation and marine fuel combustion. China Eastern Airlines was responsible for the carbon neutrality of the consuming of Jet fuel.
Mr. Lin, Executive Vice President of Sinopec, said that this project has realized the carbon neutrality from the ‘cradle’ to the ‘grave’. It is also the first cooperation of China´s petroleum industry, shipping industry and aviation industry to neutralize carbon in end products. By offsetting carbon emission in land, sea and air areas, the project made a positive contribution to carbon neytrality in transportation field, which showed strong demonstration effect.
Mr. Huang, Executive Vice President of COSCO SHIPPING, said the climate issue is closely related to all countries in the world, and achieving carbon peak and neutrality goals is an intrinsic requirement for China’s high-quality development. Aiming at the four core industries, which are shipping, equipment manufacturing, ports and logistics, COSCO SHIPPING has developed differentiated solutions and supporting measures, continuously optimized the fleet structure, improved vessel operating efficiency, actively researched low-carbon and zero-carbon energy alternatives, and made efforts to reduce carbon emissions and increase carbon removal. In the future, COSCO SHIPPING will continue to create value together with partners from other sectors, adhere to sustainable development, and jointly protect the blue sky and the blue sea.
Mr. Zhou, Executive Vice President of China Eastern Airlines, said green is the core concept of China´s economic and social development in the new era, as well as an important basis for high-quality development of the aviation industry. The project has led the aviation, oil and shipping industries to green and sustainable development, demonstrating the firm determination of the central SOEs to green development.
Mr. Lai, Chairman of Shanghai Environment and Energy Exchange, expressed his delights to witness that three companies have fully considered benefits of voluntary emission projects in the process of purchasing CCER, which truly realized the diversified compensation of ecological protection. It played a role of pioneer, fully reflecting the responsible leadership of the industry. Additionally, it is also an excellent example of mutual collaboration between carbon alliances, leading the low-carbon commercial ecology transformation and business ecology co-establishment.
Leaders of Safety Supervision Department of China COSCO SHIPPING Corporation Limited and COSCO SHIPPING Energy Transportation Co., Ltd. participated in the above activities.
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