Thursday 5 November 2020

Malaysian oil and gas giant PETRONAS targets net zero emissions by 2050

The Malaysian state-owned oil and gas giant PETRONAS has announced a commitment for net zero emissions by 2050.

The company said it will continue its efforts to reduce Scope 1 and Scope 2 emissions from its assets by deploying innovative technologies to its operations.

PETRONAS plans to reduce hydrocarbon flaring and venting, capture methane emissions and optimise production.

The firm also said it will pursue new avenues of revenue generation through investments in nature-based solutions and set up greater access to clean energy solutions.

The company intends to mitigate emissions from operations through energy efficiency improvement and the use of low carbon or renewable energy.

PETRONAS President and Group Chief Executive Officer 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 fulfilling 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."