China’s Sinopec is said to be ready to push development and investments towards the hydrogen supply chain, seeking leadership in future energy sources, Kallanish Energy reports.
The giant oil refiner reportedly said on Thursday, during its earnings call, that it would “reallocate some of our resources all along the hydrogen chain.” The strategy is “a strong signal that Sinopec wants to be a major player in this area that’s going to be the future of energy,” an official said.
The company didn’t disclose details of the plans.
The move would help China to meet its carbon-neutrality pledges set by 2060 or earlier, offering solutions to decarbonize hard-to-abate industries, as well as transport and shipping.
The Chinese government said in a communique published by state news agency Xinhua on Thursday that the country will accelerate and promote green low-carbon development, with details to be soon announced in the upcoming five-year plan for 2021-2025.
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