Energy Insider: China Certifies First Carbon-Neutral Oil Shipment

In today’s Caixin energy news wrap: Chinese regulators vow to stabilize fertilizer supply; paper product prices on the rise as costs grow; Cosco unit to acquire stake in container terminal in Hamburg; businesses closed in Zhejiang to cut energy use.

China certifies first carbon-neutral oil shipment

Chinese oil major Sinopec, Cosco Shipping Holdings Co. and China Eastern Airlines Corp. jointly received China’s first carbon-neutral petroleum shipment certification as the three state giants collaborated to offset the carbon dioxide produced throughout the cargo's full cycle from production to shipping. The 30,000-ton cargo was produced by Sinopec in Angola and shipped by Cosco to an East China-based Sinopec refinery for processing, Sinopec said. To offset the carbon dioxide emissions, the companies purchased emission reduction quota to fund carbon-reducing projects such as tree planting, solar, wind and biomass power generation.