Sinopec to invest billions in green development

Sinopec Group, Asia's largest refiner, announced on Tuesday it will invest about 22.6 billion yuan ($3.6 billion) to upgrade its current production equipment and operation for environmental protection in efforts to realize green development and cope with climate change.

The company released the plan during the Caring for Climate China Summit, held by Global Compact Network China in Beijing.

Fu Chengyu, president of the company, said enterprises should pay increasing attention to social and environmental benefits besides gaining profits.

"Companies can make profits and protect the environment at the same time through responsible investment and production," he said.

"Enterprises are the major player to solve the global environmental issues," said Georg Kell, executive director of UN Global Compact Office. "The companies can improve green technology and promote its application through their efforts."

He said governments should offer more incentives for low carbon and clean energy development.

As a high-energy consumption company, Sinopec has been making efforts on green development in the past decade.

Its biofuel research for aircrafts and carbon capture and utilization has been put into many applications, which have promoted clean energy use and emission reduction.

The company published its environmental protection white paper on Nov 29, which was the first among Chinese companies.