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On October 26, 2021, the Chinese government’s official website published the \"Action Plan for Reaching Carbon Peak by 2030.\" The full text can be found at: http://www.gov.cn/zhengce/content/2021-10/26/content_5644984.htm. The Petrochemical Forum has extracted the key points related to the petrochemical industry as follows: By 2025, the share of non-fossil energy in energy consumption is expected to reach around 20%; energy consumption per unit of GDP is to drop by 13.5% compared to 2020, while carbon dioxide emissions per unit of GDP are to fall by 18%. These measures aim to lay a solid foundation for achieving carbon peak. “During the 15th Five-Year Plan period, significant progress was made in industrial structure adjustment. A clean, low-carbon, safe, and efficient energy system was initially established. Low-carbon development models took shape in key sectors, and energy utilization efficiency in major energy-consuming industries reached international advanced levels. The share of non-fossil energy consumption continued to rise, while coal consumption gradually declined. Key breakthroughs were achieved in green and low-carbon technologies. Green lifestyles became a conscious choice for the general public, and the policy framework for green, low-carbon, and circular development was essentially put in place. By 2030, the share of non-fossil energy consumption is expected to reach around 25%, and carbon dioxide emissions per unit of GDP will drop by more than 65% compared to 2005, thus achieving the goal of reaching peak carbon emissions by 2030. Regulate oil and gas consumption reasonably. Maintain oil consumption at a reasonable level, gradually adjust the volume of gasoline consumption, and vigorously promote the use of advanced bio-liquid fuels and sustainable aviation fuels as alternatives to traditional fuels, in order to improve the energy efficiency of end-use fuel products. Accelerate the large-scale development of unconventional oil and gas resources such as shale gas, coalbed methane, and tight oil (gas). Guide natural gas consumption in an orderly manner, optimize its utilization structure, give priority to ensuring supply for domestic use, vigorously promote the integrated development of natural gas with various other energy sources, build natural gas peak-shaving power plants according to local conditions, and properly regulate the use of natural gas for industrial purposes and as raw materials in the chemical industry. Support the use of liquefied natural gas as fuel for vehicles and ships. Implement energy-saving and carbon-reduction projects in key industries, encourage sectors such as electricity, steel, non-ferrous metals, building materials, and petrochemicals to carry out reforms aimed at reducing energy consumption and carbon emissions, thereby improving the efficiency of energy and resource utilization. Implement demonstration projects for major energy-saving and carbon-reduction technologies, and support the industrial-scale demonstration and application of key green and low-carbon technologies that have already achieved breakthroughs. Promote carbon peak achievement in the petrochemical industry. Optimize the scale and layout of production capacity, intensify the phasing out of outdated production capacity, and effectively address structural overcapacity issues. Strictly control project access, arrange the construction schedule reasonably, strictly limit the addition of refining and conventional coal chemical production capacity, and promote the development of modern coal chemicals in a steady and orderly manner. Guide enterprises to change their energy consumption patterns, and encourage the use of electricity, natural gas, etc. as alternatives to coal. Adjust the raw material structure, control the use of coal as a raw material, expand sources for importing hydrogen-rich raw materials, and promote the use of lighter-weight raw materials in the petrochemical industry. Optimize the product structure to promote coordinated development among the petrochemical industry and sectors such as coal mining, metallurgy, building materials, and chemical fibers, and enhance the efficient utilization of by-product gases such as refinery dry gas and liquefied gas. Enterprises are encouraged to carry out energy-saving upgrades and transformations, as well as to promote the hierarchical use of energy and the recycling of materials. By 2025, the domestic capacity for primary processing of crude oil will be kept below 1 billion tons, with the utilization rate of key products rising to over 80%. Resolutely curb the unchecked development of “two high” projects. Deeply tap into existing projects, accelerate the phasing out of outdated production capacity, and unlock potential for energy conservation and emission reduction through transformation and upgrading. Strengthen regular supervision and resolutely shut down those ‘high-risk’ projects that do not meet the requirements. Strengthen basic research in applications. Focus on key areas such as the green and intelligent development of fossil fuels and their clean, low-carbon utilization, the large-scale use of renewable energy, new power systems, energy conservation, hydrogen energy, energy storage, power batteries, and carbon dioxide capture, utilization, and storage, to deepen basic research in applications. Accelerate the research, development, promotion, and application of advanced and applicable technologies. Focus efforts on advancing technological innovations in areas such as the safe and stable operation and control of complex large-scale power grids, large-capacity wind power, high-efficiency photovoltaic systems, high-power liquefied natural gas engines, large-capacity energy storage, hydrogen production from low-cost renewable sources, and low-cost carbon dioxide capture, utilization, and storage. Accelerate the research and development of basic materials such as carbon fiber, aerogels, and special steels, and address shortcomings in key components, parts, and software. Promote advanced and mature green, low-carbon technologies and carry out demonstration applications. Build full-process, integrated, and large-scale demonstration projects for carbon dioxide capture, utilization, and storage. Promote demonstration applications of molten salt energy storage for heating and power generation. Accelerate the research and development of hydrogen energy technologies as well as their demonstration applications, and explore their large-scale use in industries, transportation, construction, and other fields. Carry out green economic and trade, technological, and financial cooperation. Strengthen cooperation in green technologies, promote scientific research collaboration and technical exchanges in areas such as renewable energy, energy storage, hydrogen energy, and carbon dioxide capture, utilization, and storage, and actively participate in major international scientific projects such as the International Thermonuclear Fusion Experimental Reactor program.