Petronas commits to net-zero carbon emissions by 2050

Malaysian energy giant Petronas has set out a target to achieve net zero carbon emissions by 2050.

Commenting on the target, Petronas president and CEO, Tengku Muhammad Taufik, said, “as the world contends with the many challenges brought about by energy transition, Petronas is embracing its role in providing access to affordable, secure and sustainable energy to businesses and society. The Group is committed to fulfill its purpose in providing cleaner energy and solutions that benefit both the world we live in as well as the customers we serve through reduced emissions.”

With the target set for 2050, Petronas will continue to intensify its efforts toward reducing Scope 1 and Scope 2 Green House Gas (GHG) emissions from its assets, the company’s statement reads.

The company aims to deliver continuous improvements in operational excellence, and by deploying innovative operations and technologies.

Together with these efforts, Petronas will also pursue new avenues of revenue creation via investments in nature-based solutions as well as establish greater accessibility to cleaner energy solutions.

The company noted it has already begun its sustainability journey for more than two decades by integrating sustainable practices into its business and decision-making. The aspiration capitalizes on the maturity of its ESG practices while securing long term value for the company.

Net zero carbon emissions 2050 will stretch Petronas’ efforts to reduce carbon emissions to net zero and create new and inclusive opportunities that contribute towards an equitable socioeconomic development, the company said.

“We are making this commitment to make a positive change — not only to ride the energy transition — but because a fundamental shift is needed and the organization wants to be part of the solution, for the world that yearns for a path towards a more sustainable future,” said Tengku Taufik.

Among its targets is the reduction of hydrocarbon flaring & venting, methane emissions capture and optimization of its production.

It further aims to mitigate GHG emissions from operations through energy efficiency improvement and use of low-carbon renewable energy.