WIM2021 Recap | China's Carbon Neutrality Push: Business Implications

Author: WIM Committee, WIM2021 Jan 11, 2022 04:38 PM (GMT+8)

Key insights from ExxonMobil's Koh Tze San at the recent EqualOcean event.

Tze San

Having a systematic approach is important to identify technologies and policy options to manage greenhouse gas emissions across the whole value chain. It is also unlikely that any single technology will be sufficient in transitioning to a low-carbon future.

On December 9-10, 2021, EqualOcean hosted the World Innovators Meet 2021 (WIM2021) conference. Koh Tze San provided her take on the development of critical technology, carbon capture storage (CCS), and a possible scenario allowing China to lead the world to a low-carbon future.

Koh Tze San joined Esso Singapore (now ExxonMobil) in 1992 and has nearly 30 years of experience. She has served in various senior executive roles in the Upstream, Downstream, Chemical, and Public & Government Affairs in Canada, US, and China. Mrs. Koh is recently serving as President of China Gas Marketing – responsible for ExxonMobil's fast-growing LNG business in China. She believes that the critical success factors are building and maintaining credibility and being helpful while positively impacting.

Power mix

"Carbon neutrality is the theme of the whole world now. Many countries have released their plans for carbon-neutral targets. Under the 2-degree Celsius scenario, there is a significant growth in the lower carbon energy and a 7% decrease in oil and natural gas," said Mrs. Koh. She added that oil and gas remain essential in the total energy makes, and between oil and gas, a shift to natural gas has been added in the carbon reduction plan in many national and state governments. Additionally, gas power is emphasized as a way to meet electricity demand in China's 14th Five Year Plan."

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Liquefied natural gas

"About 20 years ago, the Chinese government decided to invest in the west-east natural gas pipeline and liquefied natural gas (LNG) import terminals. These investments in infrastructure enabled China to diversify its gas imports and manage energy security risk. 45% of gas has been imported by either gas pipeline or coastal areas in recent years. Unlike the pipeline gas, whose suppliers are limited, LNG offers a more diversified pool of suppliers from all over the world," said Mrs. Koh. By having this kind of diversified supply of gas sources, China can hedge its energy risks, and LNG can continue contributing to China's low-carbon future. 

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340 million tons of LNG were delivered from 19 countries globally in 2020, and 20 million tons of LNG from 11 countries were delivered to China. Gas is by far cheaper than coal in the power system, and gas can also provide elastic energy as the thermal efficiency decreases when operating in the flexible peaking role.

For Koh Tze San's slides and presentation recording, please subscribe to our weekly newsletter: we will be sending them out in the following weeks.

About China & The World Summit

As a part of WIM2021, China & The World Summit was hosted on December 9-10, 2021. It was focusing on the world's second-largest economy's global impact and interaction with the rest of the world.

WIM 2021 China & The World Summit is built around two major topics:

Ⅰ. Investing in China: Seeking value amid global turbulence.

Over the past decade, China has been an attractive investment destination. But will it remain one in years to come? WIM 2021 gathered global investors, senior executives, and market participants to discuss this and other questions concerning the world's second-largest economy's past, present and future.

Ⅱ. Localization & Globalization: Global enterprises' 'China story' and Chinese companies' global expansion.

China's role in the global economy has been continuously changing. As the country's market matures, the world's largest enterprises have been venturing into it – with varied success. Meanwhile, Chinese new-economy companies are also expanding their presence in foreign markets. At WIM 2021, a number of eminent experts and industry insiders discussed the most important trends and narratives at the interface of China and the rest of the world.

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About WIM2021

WIM2021 'Digital Reshaping the World' will be hosted offline in Shanghai and New York while broadcasting globally. The event covers 11 topics, including the hottest industries (from automotive to healthcare) and concepts (like Carbon Neutrality and 'Zhuan Jing Te Xin').

World Innovators Meet (WIM) is a yearly flagship event hosted by EqualOcean for the past 6 years. It is a time where international delegates gather to discuss hot button topics in China's key industries.

We see innovation as the biggest driving force to building a better world. Hence, through WIM we seek to create a platform for global innovators to connect. By uniting bright minds, we seek to foster learning, inspiration and wonder – and inspire conversations that matter.

In a short span of 6 years, WIM has grown from a local event in China to a global event that bridges the world and China by bringing together 1,500+ international speakers (including several Nobel laureates), 50,000 global attendees, and 2,000+ media and community partners.