Status and Prospects of China's Petroleum and Petrochemical Industry under the Dual Carbon Targets

Abstract

The article delves into the current landscape and prospects of China's petroleum and petrochemical sector amidst the dual-carbon mandate. This sector has garnered considerable attention ever since the Chinese government set forth the ambitious objectives of attaining peak carbon emissions by 2030 and achieving carbon neutrality by 2060. Despite its pivotal role in the nation's economy, the petroleum and petrochemical industry continues to grapple with elevated carbon emissions. Consequently, imperative actions are warranted to curtail these emissions, leveraging advancements in technology and the adoption of clean energy alternatives. Presented within this article is a transformative trajectory for the petrochemical industry in alignment with the dual-carbon agenda. This trajectory encompasses the phasing out of obsolete production capacities, recalibrating the energy framework, and fortifying avenues for technological innovation. Furthermore, the article elucidates on the prospective evolution of China's petrochemical domain under the ambit of the dual-carbon directive. Emphasizing its instrumental role in facilitating the energy transition, achieving heightened equilibrium between supply and demand dynamics, and propelling forward technological innovation and industrial refinement.