Zhao Jun, editorial board of China Petroleum and Chemical Journal and expert in chemical industry, delivers his report The crisis and opportunity of Global Energy Development under the background of “Carbon peaking and Carbon Neutrality”.

The report is divided into 2 parts:

The first part is the outlook of global energy supply and demand. It mainly includes the global energy supply and demand structure, the global power generation structure, and the analysis of energy supply and demand in Northeast Asia. The total consumption of primary energy has increased, the proportion of renewable energy has been increasing, the consumption of crude oil and natural gas has increased steadily, and the demand for coal has shrunk under the influence of “Carbon peaking and Carbon Neutrality”. Energy decarbonization is the driving force behind the rapid growth of renewable energy, with solar and wind power thriving in China, Europe and the US.

The second part is the prospect of China's energy under the dual control policy. It involves the change in China's energy structure,  interpretation of China's dual control policy and China's carbon-neutral development opportunities. MR. Zhao believe that driven by China's dual control policy, along with the maturity of clean energy power technology, China's energy consumption structure has been optimized. The overall global economic growth is slowing down, the energy demand structure is changing, the demand for traditional energy is reaching a peak, the world is accelerating the shift to new energy, and the frictional cost of switching between the new and the old is driving up inflation. At the same time, the carbon neutralization strategies of Sinopec and PetroChina have been analyzed, mainly focusing on hydrogen energy, CCUS and carbon trading.