PETRONAS Calls For Stronger Regional Collaboration to Support Global Energy Transition

KUALA LUMPUR, 19 November 2020 – As more countries in Southeast Asia make strides towards embracing the global energy transition, PETRONAS has called for a stronger collaboration amongst ASEAN governments, energy players as well as the public and private sectors to collectively leverage on each other’s strengths in achieving a sustainable, low-carbon future.

To date, ASEAN member countries have collectively endorsed ambitious targets that seek to improve the rate of energy efficiency improvement, limit emissions from fossil fuels and expand the role of renewables especially in the power sector – positive signs that the region is moving in the right direction. 

In a special address titled ‘Southeast Asia Energy Outlook in a Global Context’  at the opening of the virtual ASEAN Energy Business Forum (AEBF) 2020  yesterday, PETRONAS President and Group Chief Executive Officer Tengku Muhammad Taufik said: “While the region has made a start towards carbon neutral energy pathways, there remain further opportunities to strengthen regional cooperation and create the right eco-system to promote a wider usage of energy from clean and sustainable sources, particularly solar and wind. The shift towards a low-carbon future will require coordinated and collective action from all stakeholders.”

He added that government support and intervention in developing and implementing supportive energy policies and business-friendly regulations are pivotal for businesses to survive, while public-private sector collaboration will help attract technology-based Foreign Direct Investments as well as technology proprietorships and solutions providers.

Tengku Muhammad Taufik also pointed out that it is important to address the energy trilemma of security, sustainability and affordability.

“The ASEAN energy transition in the context of the energy trilemma is moving at a different pace as the region is mostly made up of developing economies with competing national economic and social agenda.

Even though energy security remains the top priority for ASEAN, its economies need to strike the right balance between energy affordability and energy security. In this regard, PETRONAS is committed to continuously deliver energy while balancing the energy trilemma.”

He said natural gas remains core to PETRONAS as a cleaner source of fossil fuel, offering a suitable solution towards ensuring the energy needs of Southeast Asia’s burgeoning population. Apart from solar and wind, PETRONAS is also seeing opportunities in new energy sources that will complement its global Liquified Natural Gas (LNG) portfolio, and this includes hydrogen, where the Company is now working towards sustainable coalitions with technology providers to develop zero-emission hydrogen fuel from bio-based products and carbon engineering.

More recently, PETRONAS 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’.

The three-day virtual AEBF 2020 themed ‘Responsive and Cohesive Energy Pathways for ASEAN’, assembled government and energy industry leaders across ASEAN to showcase national energy framework aspirations and promote conversations on potential business collaborations to realise common goals.

Other PETRONAS speakers at the event were PETRONAS Head of New Energy Dr Jay Mariyappan and Chief Executive Officer of PETRONAS LNG Ltd., Abdul Aziz Othman. Dr Jay spoke about the evolving role of solar in the region’s energy mix and opportunities, while Abdul Aziz shared his views on the industry’s role in driving ASEAN’s energy transition.

Issued by
Media Engagement
Group Strategic Communications 
PETRONAS