Sinopec Unveils Groundbreaking Global and Chinese Energy Forecast, Focusing on 2060 Vision and Industry Development
China Petroleum & Chemical Corporation unveiled major forecasts on a comprehensive view of global and Chinese energy landscapes over the next several decades, marking a significant milestone as Sinopec publishes its first-ever long-term global energy outlook of its kind.
Sinopec provides detailed predictions for the future of both fossil and renewable energy worldwide. Key insights include:
Global Primary Energy Consumption: Expected to peak at 26.71 billion tonnes of coal equivalent by 2045, with renewable energy accounting for 51.8% of total energy consumption by 2060.
Slowing Growth in Energy Consumption: Global energy consumption will gradually slow, reaching 25.25 billion tonnes of coal equivalent by 2060. By this time, oil and gas will together account for 35.7% of total energy consumption.
Peak Oil Demand: Oil consumption is projected to peak at 4.66 billion tonnes around 2030. While the focus of consumption shifts from transportation to industrial feedstocks, oil will remain the dominant transportation fuel, with a 40% share of total transport energy demand by 2060.
Rising Non-Fossil Energy: Significant growth in non-fossil energy sources such as hydrogen, CCUS (Carbon Capture, Utilization, and Storage), and advanced energy storage technologies. Hydrogen consumption is expected to surpass 340 million tonnes by 2060, with its energy usage share growing from 2% in 2023 to nearly 50% by 2060. CCUS capacity is projected to reach 110 million tonnes of CO₂ captured by 2030, and 4.7 billion tonnes by 2060.
Image of Sinopec
Describe more in press release https://tinyurl.com/h6a6uxxm
