Malaysian oil giant Petronas has announced its plan to achieve net-zero carbon emissions by 2050.
The company' 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.”
With the target set for 2050, Petronas said it would to intensify its efforts toward reducing Scope 1 and Scope 2 Green House Gas (GHG) emissions from its assets "by delivering continuous improvements in operational excellence, and by deploying innovative operations and technologies."
"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," the company said.
The company plans to reduce hydrocarbon flaring & venting, capture methane emissions and optimize production; Mitigate GHG emissions from operations through energy efficiency improvement and use of low carbon or renewable energy; Minimize waste and promote recycling throughout the value chain.
Furthermore, the company said it would develop low and zero-carbon fuels, products, and solutions, as well as advance emission reduction technologies such as carbon capture, utilization, and sequestration (CCUS) in high CO2 fields.