Sinopec plans to invest 30 billion yuan in hydrogen-related businesses during this time, including refueling stations and storage facilities. In addition to 1,000 hydrogen refueling locations, the company plans to build 5,000 charging and battery exchange stations and 7,000 distributed photovoltaic power generation facilities.

Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, said the green hydrogen industry involves several fields, including production, supply, storage and sales. While it is still in the initial stages in China, the nation needs to accumulate more experience for future large-scale development.

Thanks to technological advances, the cost of green hydrogen, or renewable-based hydrogen, will be further reduced, Luo said.