CPC was founded in 1946, and for more than 70 years, it has shouldered the responsibility of a state-owned enterprise and stabilized oil and gas prices while ensuring adequate supply of oil and gas to domestic users, thereby helping mid-stream and downstream participants of the petrochemical industry grow. CPC is also dedicated to improving the quality of the environment, and fulfills its corporate social responsibilities to cater for the interests of all members of the society. CPC first established its sustainability management policy back in 2003; the policy has since been reviewed and adjusted time and time again to conform with environmental protection trends around the world, and below is the 2022 amendment last amended and approved by the board of directors.
Being a state-owned enterprise and a leader of the petrochemical/energy industry, CPC has adopted three transformation strategies with different emphases on “Fuel Upgrade, Carbon Reduction, and Clean Energy. ” Meanwhile, CPC actively directs attention to the latest low carbon trends, and takes pragmatic actions to reduce emission, improve fuel quality, develop renewable energy sources and carbon negative technologies, and work with all stakeholders toward exploring new business opportunities for a sustainable, net zero future.
Sustainability Materiality Matrix
After taking governance, environmental, and social impacts into consideration, CPC used questionnaires to survey issues that were of concern to the 9 main stakeholders, and managed to recover a total of 660 responses. In the internal survey, in addition to assessing both positive and negative impacts, the likelihood of each sustainability issue occurring was also evaluated. Through rigorous analysis and prioritization, the results of the 2024 sustainability issue analysis are shown in the matrix below. The closer a topic is to the upper-right corner of the matrix, the greater its impact on CPC's sustainable operations and the higher the level of stakeholder concern.
Out of a total of 28 sustainability issues, CPC has identified 10 material topics for communication with stakeholders in this report. For each of the topics identified, CPC has disclosed its performance highlights, management approach, and actions for the year to address stakeholders’ concerns. Based on the answers provided in the questionnaires, the level of positive impact and negative impact is rated on a scale of 1 to 5 for each material topic, as shown in the following chart.
Sustainability Committee
CPC’s “Sustainability Committee” is chaired by the Chairman, with the President serving as Vice Chair. The committee includes directors, executive vice presidents, and external experts and scholars as members, and a Chief Sustainability Officer is appointed. Together, they review sustainability issues related to corporate operations and stakeholder concerns, and conduct rolling reviews of CPC’s impacts and responsibilities in the economic, environmental, and social dimensions.
In 2024, three meetings were held. Directors were invited to participate on an ad-hoc basis. Multiple sustainability proposals were completed, and the President provided irregular updates to the Board of Directors on the progress and effectiveness of sustainability efforts. Internal departments were also required to make special reports to the board of directors and examine the impacts of economic, environmental, social, and governance issues as well as responses.
2024 Winning Records
SDGs