Petroliam Nasional Bhd (Petronas) has announced its Net Zero Carbon Emissions by 2050 (NZCE 2050) pathway to accelerate and advance group-wide actions and commitment towards achieving net zero future ambitions.
The pathway, with short-, medium- and long-term targets, will steer and provide a trajectory for the group and its stakeholders to progress towards the ambitious NZCE 2050 aspiration that was announced earlier in November 2020.
President and group chief executive officer (CEO) Datuk Tengku Muhammad Taufik said the company remains fully committed to providing the world with the energy it needs, while still ensuring it meets the climate goals of the Paris Agreement.
“The pathway will see us address emissions from our integrated energy portfolio at pace in order to ensure our customers have safer, reliable, cost-optimised, and emissions-abated energy solutions.
“As we progress towards NZCE 2050, Petronas’ priority is to remain in step with the societies we serve, and address energy transition in a just and responsible manner,” he said in a statement today.
The national oil and gas company also said that with these targets in place, it is allocating 20 per cent of its capital expenditure for decarbonisation projects and expansion into cleaner energy solutions from 2022 to 2026.
Petronas’ decarbonisation efforts will anchor on four levers, namely zero routine flaring and venting, energy efficiency, electrification, and carbon capture and storage to reduce greenhouse gas emissions from its operations.
“Petronas will continue to pursue public-private collaboration and cross-industry partnerships to stimulate green growth development of new value chains in carbon capture and storage and opportunities in renewables, hydrogen and green mobility under the newly-launched subsidiary company, Gentari Sdn Bhd,” it said.