Geng Chenghui, director of Sinopec's energy management and environmental protection department, said the company will take six measures to raise energy efficiency in various sectors including management, company structure and

Sinopec is allowing in private investors

China to diversify SOE shareholding

In particular, the company will introduce the Energy Performance Contracting system, cooperating with private companies to reach energy-saving targets, he said.

The company will eliminate energy-intensive refineries and give more attention to renewable sources.

In 2013, Sinopec announced it will invest 22.8 billion yuan in 807 projects to upgrade its current production equipment and operations for environmental protection. Fu said that as of last month, the company had invested 4 billion yuan of that total in 280 projects. The other projects will start in the coming years.

Wang Jianzhou, chairman of the China Association for Public Companies and former president of China Mobile Ltd, said Chinese companies have realized the importance of sustainable development for the longer term.

In 2012, China's A-share listed companies published 586 sustainable development reports, up 11.5 percent from the previous year, according to Wang. In 2013, the number of reports grew 12 percent to 658, Wang said.

Georg Kell, executive director of the United Nations Global Compact Office, told the summit that Chinese companies have done an impressive job in fighting global warming and climate change.

He said companies should be the major player to solve major global environmental issues.