SEPTEMBERASIA BUSINESS OUTLOOK8To make the appeal, the Climate Group and the We Mean Business Coalition collaborated on an open letter. The letter was signed by Chalet Hotels, Infosys, Ultratech, JSW Group, Zomato, Citylink, Godrej and Boyce, Tech Mahindra, Godrej Industries, Wipro, ReNew, Sun Renewables, Heineken, and IKEA India.Ahead of the upcoming G20 summit in New Delhi, businesses have emphasised the critical need for global collaboration to combat escalating climate change. The letter emphasises the importance of government action and long-term policy clarity, which will enable businesses to commit to comprehensive climate action with confidence.Climate Group India's executive director Divya Sharma said: "As the impacts of climate change are increasingly being felt, it's encouraging to see some of the world's biggest businesses calling on the G20 leaders to ensure that this G20 truly becomes a turning point for climate action."Under India's G20 leadership, the letter urges the G20 to drive change that is consistent with the Paris Agreement and responsive to the needs of the Global South. Sinopec Corp. of China is establishing a new entity to invest in refinery and petrochemical assets abroad in an effort to leverage its expertise and deep pockets to expand globally as domestic Chinese oil demand approaches a plateau.Sinopec Overseas Investment Holding, which was quietly launched in late June as its sole platform for investing in, building, and operating refineries abroad, is building a team and setting a budget for the new entity, according to two company officials.The global push by Asia's largest refiner comes as China limits new refinery approvals at home due to slowing demand growth and overcapacity, as the industry shifts to higher-end materials and energy transition products, and as the industry shifts to higher-end materials and energy transition products.Sinopec will "expand overseas refining and chemical business by taking full advantage of the group's core strength", Zhao Dong, president of parent company China Petrochemical Corp, was quotes as saying in late June when Sinopec announced the new entity in an in-house newsletter.Sinopec declined to comment on the specific regions or assets it is targeting, but a senior company official, who did not want to be identified because he is not authorised to speak to the media, said Sinopec will prioritise locations where demand is growing and feedstock is readily available.One such investment could be in Sri Lanka, where Sinopec has been shortlisted to compete for an export-oriented refinery in Hambantota worth billions of dollars. BUSINESSES EMPHASIZE THE NEED TO AVERT CLIMATE CHANGE USING G20 AS A PLATFORMSINOPEC CORP. TO INVEST IN OVERSEAS REFINERY & PETROCHEMICAL ASSETSNEWSROOM
< Page 7 | Page 9 >