Sinopec Unveils Strategic Global Energy Forecast for 2060
Sinopec's Groundbreaking Global Energy Outlook 2060
The Company Consolidates Common Goals and Business Cooperation in Energy Transformation with Three Published Research Reports in Energy and Chemicals
China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has officially released its first Global Energy Outlook 2060 report, a pioneering document that aims to shape future energy discussions. This report was introduced at an overseas launch event in Saudi Arabia, a significant step in Sinopec's commitment to fostering collaboration in the global energy landscape.
A Deeper Dive into the Reports
Besides the Global Energy Outlook 2060, two additional reports were also launched. These include the China Energy Outlook 2060 (2025 Edition) and the 2025 China Energy and Chemical Industry Outlook. These reports serve as essential resources for understanding the future dynamics of energy and chemical sectors.
Significance of the Global Energy Outlook
The Global Energy Outlook 2060 is momentous as it insists on innovative research methods for energy forecasting. The predictions within this report assert that global primary energy consumption is projected to peak at 26.71 billion tonnes of standard coal by 2045. By the year 2060, renewables are estimated to constitute 51.8% of total energy consumption.
Predicted Shifts in Energy Consumption
It's worth noting that overall energy consumption is expected to slow down, stabilizing at around 25.25 billion tonnes by 2060. The oil and gas segments are anticipated to account for approximately 35.7% of energy use during this time frame, marking a considerable transition in energy consumption patterns.
In terms of oil, projections indicate that consumption will peak at 4.66 billion tonnes by the year 2030. This shift will gradually transition focus from transportation to industrial raw materials, with transportation still representing about 40% of oil consumption by 2060.
The Emergence of Non-Fossil Energy Sources
The rise of non-fossil energy is expected to be significant. For instance, the utilization of hydrogen is set to soar from 2% in 2023 to nearly 50% by 2060, leading to annual consumption exceeding 340 million tonnes. Additionally, advancements in Carbon Capture, Utilization, and Storage (CCUS) technology are slated to expand capacity to 110 million tonnes by 2030, and potentially reach 4.7 billion tonnes by 2060, thus propelling the energy transition.
Insights from the China Energy Outlook 2060
The China Energy Outlook 2060 (2025 Edition) shares insights that predict a plateau in China's primary energy use post-2030, settling between 6.8 to 7.1 billion tonnes of standard coal. The oil demand within China is expected to peak before 2027, as non-fossil energy sources are projected to surpass fossil fuels in the power generation mix by 2035.
The Future of China's Chemical Industry
Moreover, the 2025 China Energy and Chemical Industry Outlook outlines that China's total refining capacity is on track to peak between 960 and 970 million tonnes per year by 2025. However, it also points out looming challenges, including potential overcapacity in various sectors such as olefins and aromatics.
Continuing the Dialogue on Energy Transformation
Sinopec's third overseas release event further emphasizes the company's dedication to promoting academic and business exchanges critical to energy transformation. As the energy sector continues to evolve, these reports are invaluable resources for policymakers, researchers, and industry professionals.
Frequently Asked Questions
What is the significance of Sinopec's Global Energy Outlook 2060?
This report represents a pioneering effort by a Chinese enterprise to publish a mid- to long-term global energy outlook, reflecting innovative research methodologies.
What does the Global Energy Outlook predict for primary energy consumption?
It predicts that global primary energy consumption will peak at 26.71 billion tonnes of standard coal by 2045, with renewables comprising over half of the total by 2060.
How will oil consumption trends change by 2030?
Oil consumption is expected to peak at 4.66 billion tonnes in 2030, with a shift from transportation to industrial applications.
What are the predictions for non-fossil energy sources?
Hydrogen use is set to rise significantly, reaching nearly 50% of energy consumption by 2060, indicating a dramatic shift in the energy landscape.
How will China's energy strategy evolve?
China's primary energy use is expected to plateau by 2030, with a transition towards non-fossil fuels leading to lower CO? emissions.
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