In the ever-evolving landscape of global energy, the release of the Global Energy Outlook 2060 by China Petroleum & Chemical Corporation (Sinopec) marks a significant milestone. This report, unveiled on April 21 in Riyadh, Saudi Arabia, provides a comprehensive view of the future of global energy consumption and transition. Sinopec's initiative to publish this report overseas is a testament to its commitment to international collaboration and knowledge sharing.
Sinopec's Role in the Global Energy Landscape
Sinopec, officially known as China Petroleum & Chemical Corporation, has long been a pivotal player in the energy sector. With its latest report, the corporation has taken a bold step in predicting future energy trends. The Global Energy Outlook 2060 is not only a reflection of Sinopec's foresight but also an invitation for global stakeholders to engage in dialogue about the future of energy.
The report, presented in Riyadh, Saudi Arabia, underscores the importance of collaboration between China and Saudi Arabia in the energy sector. This marks Sinopec's third overseas release event in Saudi Arabia, reinforcing its commitment to fostering academic and business exchanges. The event also featured two additional reports: the China Energy Outlook 2060 (2025 Edition) and the 2025 China Energy and Chemical Industry Outlook. Together, these reports offer a holistic view of the energy landscape, both globally and within China.
Key Insights from the Global Energy Outlook 2060
The Global Energy Outlook 2060 offers a comprehensive analysis of future energy consumption patterns, with a particular focus on the transition from fossil fuels to renewable energy sources. According to the report, global primary energy consumption is expected to peak at 26.71 billion tonnes of standard coal by 2045. This peak is followed by a gradual decline to 25.25 billion tonnes by 2060, with renewables projected to account for 51.8% of the energy mix.
The report highlights a significant shift in energy consumption patterns, with oil and gas comprising 35.7% of the total energy mix by 2060. Interestingly, oil consumption is predicted to peak at 4.66 billion tonnes in 2030, with a shift in focus from transportation to industrial raw materials. Despite this shift, oil will continue to account for 40% of transportation energy by 2060.
The Rise of Non-Fossil Energy and Technological Innovations
One of the most compelling insights from the report is the anticipated growth of non-fossil energy sources. Hydrogen, in particular, is expected to play a crucial role in the global energy transition. The report predicts that hydrogen use will rise from 2% in 2023 to nearly 50% by 2060, exceeding 340 million tonnes annually. This growth is indicative of the increasing importance of hydrogen as a clean energy source.
In addition to hydrogen, the report highlights the expansion of Carbon Capture, Utilization, and Storage (CCUS) capacity. By 2030, CCUS capacity is expected to reach 110 million tonnes, with a further expansion to 4.7 billion tonnes by 2060. These technological innovations are poised to drive the energy transition, ensuring a more sustainable future.
China's Energy Outlook and Industry Implications**
The China Energy Outlook 2060 (2025 Edition) provides a detailed analysis of China's energy landscape. The report predicts that China's primary energy use will plateau after 2030, peaking at 6.8–7.1 billion tonnes of standard coal. Oil demand is expected to peak before 2027, while non-fossil energy is set to surpass fossil fuels in power generation by 2035. Furthermore, CO₂ emissions from energy are projected to peak at 10.8–11.2 billion tonnes before 2030, ensuring an early carbon peak.
The 2025 China Energy and Chemical Industry Outlook sheds light on the challenges facing China's chemical industry. The report notes that China's total refining capacity will peak at 960–970 million tonnes per year by 2025. However, the chemical industry faces overcapacity in olefins and aromatics, alongside sustained high capacity levels of bulk chemical products. These insights are crucial for industry stakeholders as they navigate the complexities of the energy transition.
A Call to Action for Global Energy Stakeholders
Sinopec's Global Energy Outlook 2060 serves as a clarion call for global energy stakeholders to engage in meaningful dialogue and collaboration. The report's insights into future energy consumption patterns and technological innovations provide a roadmap for navigating the challenges and opportunities of the energy transition. As the world moves towards a more sustainable energy future, the importance of international cooperation and knowledge sharing cannot be overstated. Sinopec's initiative to publish this report overseas is a testament to its commitment to fostering global collaboration and driving positive change in the energy sector.
