November 24, 2020

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Malaysia’s Petronas aspires for net zero carbon emissions by 2050

Malaysia’s Petronas aspires for net zero carbon emissions by 2050
Photo courtesy of Petronas

Malaysia’s national oil company Petroliam Nasional Berhad or Petronas has announced its aspiration to achieve net zero carbon emissions by 2050 as part of its holistic approach to  sustainability that balances environment, social and governance (ESG) considerations which are aligned to its statement of purpose, namely to be a “progressive energy and solutions partner enriching lives for a sustainable future.”

“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,” said Petronas President and Group Chief Executive Officer Tengku Muhammad Taufik.

Petronas’ aspiration to reach net zero by 2050 is guided by the four pillars of Petronas’ sustainability agenda, which demonstrates the company’s long-term commitment to continued value creation, safeguarding the environment, positive social impact and responsible governance throughout its integrated value chain.  

With the target set for 2050, Petronas will continue to intensify its efforts toward reducing Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions from its assets by delivering continuous improvements in operational excellence, and by deploying innovative operations and technologies. 

The GHG Protocol Corporate Standard classifies a company’s GHG emissions into three scopes. Scope 1 emissions are direct emissions from owned or controlled sources. Scope 2 emissions are indirect emissions from the generation of purchased energy. Scope 3 emissions are all indirect emissions not included in scope 2 that occur in the value chain of the reporting company, including both upstream and downstream emissions.

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. 

Complementing its new aspiration, the Petronas Group also launched its new brand positioning, “Passionate about Progress,” that demonstrates the company’s commitment to continue developing winning, progressive and sustainable solutions. The new brand positioning reflects the group’s dynamic growth journey and its aspiration to achieve greater good through partnerships with stakeholders, customers and partners. In navigating the challenges of the global energy transition, Petronas will continue to work together with its many diverse partners to deliver solutions that ensure the joint prosperity and well-being of all its stakeholders.  

For more information on Petronas’ Net Zero Carbon Emissions Aspiration, visit https://www.petronas.com/sustainability/net-zero-carbon-emissions

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