KUALA LUMPUR, April 12: Petronas is taking a proactive and forward-looking approach in positioning itself in capturing new opportunities arising from the global accelerated energy transition.
Hence, such pursuit is expected to transform the economy and open up new growth areas.
Especially, in low-carbon businesses to be more inclusive and create opportunities and thus, representing a fundamental shift in its long-term growth strategy that focuses on new non- traditional businesses to complement its existing core of oil and gas.
Its General Manager (Strategy, Policy & Regulation), Corporate Sustainability Wan Sayuti Wan Hussin said the Carbon Management Division was commissioned in pursuing and exploring new opportunities available throughout Malaysia.
Commenting to a question by the press on Sarawak’s vast interest in Carbon Capture Storage (CCS) and Petronas partnerships with other states, Wan Sayuti responded saying.
“You will hear more on the projects and the partnerships on the upstream business by the division.
“Now, we have heard of the Kasawari Project in Sarawak, I think in the future you will hear alot more, because it is an active opportunity that we are exploring and pursuing in Malaysia,” said during the Towards Net Zero; A Sustainability Talk with Petronas today.
He pointed out Petronas Net Zero Carbon Emissions 2050 short-,mid-, and long term targets; 2024 short-term greenhouse gas emissions target and methane emissions reduction targets based on operational control approach, allowing to track performance of all assets under its control and drive immediate climate actions for direct and effective change.
Capping the greenhouse gas emissions 49.5 million tonnes of carbon dioxide equivalent (MtCO2e) for Scope 1 and Scope 2 emissions for domestic operations by 2024.
While, the 2030 target is to achieve greenhouse gas emissions reduction of 25 per cent from 2019 levels for Groupwide operations, 70 per cent methane emissions reduction for natural gas value chain operations, and 50 per cent methane emissions reduction for Malaysia’s natural gas value chain operations.
He noted that Petronas adopted the equity share approach which will guide the company’s assets and investments to be in line with its net zero carbon emissions by 2050 aspiration, reflected in its annual integrated report. This methodology allows for business’ long-term portfolio transition tracking.
“At the same time, we also generate new economy, green economy through activity such as CCS, Circular Economy.
“Under, Gentari entity we have renewable energy, hydrogen and also on clean energy, so this two large components that supports Petronas activities in achieving its targets in positioning Petronas in achieving the net zero carbon emission by 2050,” he noted. – TVS
