Sinochem Energy

Sinochem has not set any emissions reduction targets. The company should set a decarbonisation target covering all scopes with sufficient interim targets. Setting regularly spaced intermediate targets will incentivise near-term actions on longer-term goals. Sinochem should also quantify if and how it plans to use offsets to achieve these targets.

Sinochem has not develop any low-carbon business activities. There is also no evidence that the company is planning to develop any. This leaves the company wholly reliant on oil and gas, and does not prepare it to pivot away from high-carbon activities.

Sinochem has not developed a transition plan. While it commits to expand on a sustainable development philosophy which is the company states is compatible with international trends in social responsibility, it does not provide any short or long-term actions it plans for transition. Sinochem should establish a time-bound, action plan that outlines how it will transition to a low-carbon economy. This should include medium and long-term targets, verifiable and quantifiable key performance indicators and financial commitments. The plan should be informed by scenario analysis to ensure that the plan’s ambition is sufficient for a 1.5°C pathway.

Sinochem does not disclose any capital expenditure (CapEx) information. Therefore, it is impossible to assess if the company is investing in low-carbon or climate mitigation technologies. With Scope 1 and 2 emissions intensities that have been increasing from 2017 until 2022, the company will need to invest in alternative low-carbon technologies to allow it to pivot away from oil and gas.

Sinochem does not have any targets, nor does it have a transition plan. The company has indicated it plans to expand on a sustainable development philosophy which the company states is compatible with international trends in social responsibility. However, it does not provide any short or long-term actions for the transition.

With no transition plan, Sinochem has not laid out any long-term actions or an overarching vision for transition.

The company does not have any low-carbon business activities, focusing on refining and petrochemicals production, oil trading, oil and petrochemical sales. The company does not have any low-carbon products either established or in development.

Sinochem’s scope 1, 2, and 3 emissions intensities have decreased slightly in the recent past between 2017 and 2022. This does not align with the annual 4% reduction required by its 1.5˚C pathway.

Sinochem has not developed a transition plan, nor has it set any emissions reductions targets or developed any low-carbon business activities. This suggests that the company is not committed to the low-carbon transition and is not prepared for the low-carbon future.

No evidence was found that the company commits to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders. Furthermore, no evidence was found that the company undertakes low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks. No public commitment by the company was found stating its intention to re-skill and up-skill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company re-skills and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders. No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No policies or commitments of the company related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence of the company s policies or commitments related to key decent work issues were found in the public domain. These issues include the provision of secure, safe and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision-making.

No policies or commitments of the company related to key ethical business topics personal data protection, tax, bribery and corruption, and lobbying and political engagement were found in the public domain. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.