Sinopec, China’s state-owned oil and gas company, has launched an $828 million green hydrogen project, as the country seeks to reduce its carbon emissions and transition to cleaner energy sources. The project, which is located in the city of Huaibei in the eastern province of Anhui, will produce 72,000 tons of green hydrogen annually, making it one of the largest green hydrogen projects in the world.
The project is part of Sinopec’s efforts to diversify its business and reduce its dependence on fossil fuels. The company aims to become a leading producer and supplier of hydrogen in China and globally, as hydrogen is seen as a key clean energy source for the future.
“The launch of this project is a significant step towards realizing our vision of becoming a leading producer and supplier of hydrogen in China and globally,” said Zhang Yuzhuo, Chairman of Sinopec. “We are committed to developing innovative solutions that will help us reduce our carbon footprint and contribute to the transition to a low-carbon economy.”
The project will use renewable energy sources such as solar and wind power to produce green hydrogen through electrolysis, a process that uses electricity to split water molecules into hydrogen and oxygen. The green hydrogen produced will be used in various sectors, including transportation, industry, and power generation.
Sinopec has also signed agreements with several companies, including automakers and power companies, to promote the use of hydrogen in various sectors. The company has already established a network of hydrogen refueling stations in China and plans to expand its network to other countries as well.
China is one of the world’s largest greenhouse gas emitters, and the government has set a target of achieving carbon neutrality by 2060. The launch of the green hydrogen project by Sinopec is seen as a major step towards achieving this goal and transitioning to a low-carbon economy.