In the second quarter of 2026, China’s CO2 emissions fell 1% year-on-year, driven by a 9% reduction in oil consumption. The transport sector was hit even harder, with oil use dropping 16%. This marks the first time oil demand reductions, rather than coal cuts, have been the primary driver of China’s emissions decline. Electric vehicles displaced oil equivalent to the United Kingdom’s entire oil consumption during the first half of 2026. Sinopec’s chairman indicated China’s oil consumption likely peaked in 2025, five years ahead of industry forecasts.
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