Petronas sets out target to achieve net zero carbon emissions by 2020
Petronas, the Malaysian energy giant, has set a target for achieving net zero carbon emissions by 2020.
Petronas will continue to strengthen its efforts to reduce Scope 1 and Scope 2 green house gas emissions from its properties with the goal set for 2050, the company's statement reads.
The organization aims to improve operational excellence on an ongoing basis and to introduce creative operations and innovations.
Along with these efforts, Petronas will also explore new avenues for generating revenue through investments in technologies based on design.
"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 Tengku Muhammad Taufik, Petronas president and CEO.
The company noted that by incorporating sustainable practices into its business and decision-making, it has already begun its sustainability journey for more than two decades. The target capitalizes on the maturity of its ESG operations while ensuring long-term value for the company.
The efforts of Petronas to reduce carbon emissions to net zero by 2050 will be expanded and new and inclusive opportunities will be created to contribute to equitable socio-economic growth.
Reducing hydrocarbon flaring & venting, trapping methane emissions and optimizing their output are among its priorities.
It also aims to mitigate GHG emissions from activities by improving energy quality and using renewable energy from low-carbon resources.
Maritime Business World