On 30 October 2026, at the plenary session of the 17^th China Petroleum and Chemical International Conference (CPCIC) in Zhanjiang, Guangdong, TfS and the Energy and Chemical Industry Chain Carbon Footprint Alliance (hereinafter the “Energy and Chemical Industry Alliance”) signed a Joint Statement launching cooperation on the mutual alignment of their carbon-footprint accounting standards.

The cooperation aims to advance the alignment of product carbon-footprint (PCF) accounting methodologies across the energy and chemical industry chain, improve the consistency, comparability, and credibility of carbon data, reduce companies’ duplicate accounting costs,  and facilitate collaboration between upstream and downstream players. Under the Joint Statement and guided by the principles of “mutual learning between methodologies, standards coordination, practical validation, and a gradual approach“, the parties will focus their cooperation on four areas: coordination of accounting methodologies, validation through enterprise practice, data and capacity building, and promoting standards coordination and mutual recognition. Through this work, they will progressively bring their PCF accounting guidelines into closer alignment, laying the groundwork for deeper mutual recognition of standards in the future.

Earlier in the same session, Sinopec and BASF released the results of a PCF accounting consistency review. BASF, a founding member of TfS, and Sinopec each calculated PCF independently using their respective methodologies and found the results to be comparable, providing an important reference for the Energy and Chemical Industry Alliance and TfS as they advance methodological comparison, standards coordination, and practical validation. The mutual recognition initiative now launched by the two organisations builds on this company-level practice, taking it a step further towards an industry-wide mechanism.

Dr Gabriele Unger, General Manager of TfS, said: “Consistency between carbon-footprint accounting standards is an important foundation for reducing duplicate accounting costs in supply chains, improving data comparability, and promoting sustainable trade and closer collaboration across the industry. Launching this mutual recognition initiative with the Energy and Chemical Industry Alliance is an important step in deepening TfS’ engagement in China. We look forward to working together to turn consistent, credible carbon data into tangible emissions reductions and to address the sustainability challenges facing global supply chains.”

The Joint Statement was signed by Wu Hao, Secretary-General of the Energy and Chemical Industry Chain Carbon Footprint Alliance, and Jason GUAN, Chair in Duty of TfS China, witnessed by Liu Zongming, Deputy General Manager of Sinopec’s Strategic Planning Department; Li Yunpeng, Party Secretary and President of the China Petroleum and Chemical Industry Federation (CPCIF); and Marco Mensink, Director General of the European Chemical Industry Council (Cefic). The signing ceremony was hosted by Li Bin, Vice President of CPCIF.

Jason Guan said: “Carbon footprints are becoming a common language of global trade. Our work with the Energy and Chemical Industry Alliance on the mutual recognition of carbon-footprint standards brings together international experience and local practice. Looking ahead, TfS will work with Chinese companies and value-chain partners to further align carbon-footprint accounting, help upstream and downstream players collaborate more efficiently on carbon-footprint management, support China’s ‘dual carbon’ goals of carbon peaking and carbon neutrality, and build a more sustainable and resilient global value chain.”

The parties stated that they will establish a working-level communication and coordination mechanism to jointly advance the cooperation described above, and will summarise and release interim results as appropriate. They also look forward to taking the launch of this cooperation as a new starting point, further studying the establishment of a long-term cooperation mechanism on the basis of phased progress, and actively promoting the future signing of a framework cooperation agreement in the field of product carbon footprints.