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Sinopec, Cosco Shipping, China Eastern certify China’s first carbon-neutral oil cargo

China’s refining giant Sinopec Corp. said on Wednesday it has jointly certified the country’s first carbon-neutral crude oil cargo with shipping giant Cosco Shipping and China Eastern Airlines 600115.SS.

The 30,000-tonne cargo was produced by Sinopec in Angola and shipped by Cosco Shipping to an east China-based Sinopec refinery for processing, Sinopec said.

To offset the carbon dioxide produced during the process from crude production to shipping to consumption by vehicles and airplanes, the three state firms bought Chinese Certified Emissions Reductions credits.

These credits that will go to investing in carbon-reducing projects such as tree planting, solar, wind and biomass power generation in China.
Source: Reuters (Reporting by Chen Aizhu, Editing by Louise Heavens)

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