PETRONAS recently revealed its strategic moves to align with Malaysia’s goal towards net zero carbon emissions by 2050. According to PETRONAS Chief Sustainability Officer Charlotte Wolff-Bye (PIC), businesses are critical at supporting the government’s sustainability goals as well as being a force of good to promote sustainability.
She said that out of the 169 targets set within the 2030 Agenda for Sustainability, PETRONAS has identified seven targets which the organisation believes has contributed strongest towards.
“It is very important to decouple economic growth from emissions growth, which is what we are focusing on here at PETRONAS,” said Charlotte, adding that energy transition is moving, but not moving fast enough.
PETRONAS further makes a statement of purpose to be a progressive energy and solutions partner enriching lives for a sustainable future. Year 2024 shall see PETRONAS capping emissions at 49.5 million ton of carbon dioxide from operations.
Towards 2025, a total of 50% reduction in methane emission is also expected from the PETRONAS group wide natural gas value chain operations.
PETRONAS Head Of Corporate Sustainability Wan Sayuti Wan Hussin said that towards 2030, 25% of PETRONAS group wide emissions shall be reduced, including 70% reduction in methane gas from PETRONAS group wide natural gas value chain, and a further 50% from Malaysia natural gas value chain.
According to Sayuti, methane traps 80% more heat compared to carbon dioxide. Hence PETRONAS as one of the largest producers of oil and gas in Malaysia has made methane an important agenda to manage effectively.
Sayuti added that about 10 years ago, PETRONAS announced the PETRONAS Carbon Commitment. “Since then until 2021 in the span of nine years we have reduced about 17.5 million ton of CO2 permanently. That size is the equivalent of a country’s emission such as Croatia,” he said.
Target and ambitions are delivered through a range of decarbonisation levers and value generation opportunities. For example, carbon gas emissions are minimised through a zero routine flaring and venting policy. This is further enhanced by increasing energy efficiency, electrification and the capturing and storing of carbon.
Under Gentari, a clean energy solutions company wholly owned by PETRONAS, a triad of renewable and clean energy ambitions have been set for 2030. Renewable energy production is targeted at 30 to 40 gigawatts, and up to 1,200,000 tons of clean hydrogen per annum is expected to be produced. PETRONAS also set its target market share of green mobility at 10%, with over 25,000 charging points across key markets in Asia Pacific.
According to Sayuti, PETRONAS has been responsible for several roundtable discussions in ASEAN and will be organising another session this coming June in Energy Asia 2023.