The China-Arab States Expo Business Summit was held on Aug 19 in Yinchuan, the capital of Ningxia Hui autonomous region.
Dang Yanbao, chairman of Ningxia Baofeng Energy Group, delivered a keynote speech as the only entrepreneur from Ningxia.
Facing the challenge of global climate change, China was the first developing country in the world to put forward the goal of carbon neutrality, presenting its responsibility as a big country. China will make its own contributions to building a community with a shared future for mankind, said Dang.
Dang Yanbao, chairman of Ningxia Baofeng Energy Group, deliveres a keynote speech as the only entrepreneur from Ningxia on Aug 19, 2021. [Photo/chinadaily.com.cn]
In response to the country's goals of carbon peak and carbon neutrality, Ningxia takes measures to promote the development of green industries and strategic emerging sectors. It also issues high-quality development plan of nine major industries to ensure the realization of the carbon goals.
The energy sector should be the main battleground upon which to achieve carbon neutrality. Baofeng Energy Group, as a traditional energy and chemical enterprise, has come up with the new development approach of "innovation, coordination, greenness, opening and sharing" to upgrade its manufacturing methods, technology and equipment.
The China-Arab States Expo Business Summit is held on Aug 19 in Yinchuan, the capital of Ningxia Hui autonomous region. [Photo/chinadaily.com.cn]
Baofeng Energy Group is the first company in Ningxia to release its carbon neutrality goal and carbon reduction plan. The firm will make every effort to realize its target of carbon neutrality, with an annual investment of 3 billion yuan ($0.46 billion) each year.
Baofeng Energy Group is able to reduce carbon emissions by producing one ton of olefins from 2.7 tons of methanol, with its conversion rate growing by 18% when compared to its counterparts in the industry.
The firm's optimized equipment can reduce coal consumption by about 300,000 tons and carbon dioxide emissions by about 600,000 tons a year.
Instead of purchasing power produced through fossil-fuels, the company generates 1.7 billion kWh of new energy every year, saving about 500,000 tons of standard coal and cutting carbon dioxide emissions by about 1.6 million tons.
Baofeng Energy Group employs solar energy to electrolyse water to produce hydrogen and oxygen gas, which will be provided directly to chemical engineering system. By doing so, the company can not only reduce carbon emissions, but also contribute to China's energy security.
In addition, the enterprise will also construct a photovoltaic green industry chain, with the characteristics of "low consumption, low emissions and low cost", to provide strong support for the development of the new energy industry.
The chairman hopes to lead the company to continuously promote technological innovation and upgrading, as well as green intelligent manufacturing. We will strive to build the enterprise into a tech-oriented green business, added Dang Yanbao.
Baofeng Energy Group employs solar energy to electrolyse water to produce hydrogen and oxygen gas. [Photo/chinadaily.com.cn]
Dang Yanbao strives to build the enterprise into a tech-oriented green business. [Photo/chinadaily.com.cn]
