PETRONAS Declares Aspiration:
To achieve net zero carbon emissions by 2050
PETRONAS is entrusted to manage Malaysia's oil and gas resources for economic growth. In the last 46 years, we have grown together with the nation, and have become a Fortune Global 500 player known as the face of reliability and trust.
A year ago, before the world took a hit from the COVID-19 pandemic, the company announced its Statement of Purpose, a progressive energy and solutions partner enriching lives for a sustainable future.
Today, amid destabilised economies due to the COVID-19 pandemic and the ongoing global push towards the transition to cleaner energy, PETRONAS chooses to declare its Aspiration - to achieve net zero carbon emissions by 2050. The announcement was made by the President and Group CEO of PETRONAS during the President's Townhall this year on 28 October.
PETRONAS has already begun its sustainability journey for more than two decades by integrating sustainable practices into its business and decision-making. The aspiration capitalises on the maturity of our ESG practices while securing long term value for the company.
Net zero carbon emissions 2050 will stretch PETRONAS' efforts to reduce carbon emissions to net zero and create new and inclusive opportunities that contribute towards a Just Transition where we operate.
"We are making this commitment to make a positive change — not only to ride the energy transition — but because a fundamental shift is needed and the organisation wants to be part of the solution, for the world that yearns for a path towards a more sustainable future." said Tengku Taufik
President & Group CEO, PETRONAS
Tengku Muhammad Taufik
Building on Strengths
Underpinned by the Sustainability Agenda, PETRONAS aspires to achieve net zero carbon emissions by 2050, delivering clean energy and low carbon solutions to people globally. This Aspiration is driven by our need to build a more sustainable business against the backdrop of strong operational excellence, technology & innovation delivery and responsible governance.
We are placing greater focus to achieve carbon footprint reduction. This step will simultaneously create new and inclusive opportunities to enhance a Just Transition where we operate.
Building on Operational Excellence Strengths
- Reduce hydrocarbon flaring & venting, capture methane emissions and optimise production and in operations.
- Mitigate GHG emissions from operations through energy efficiency improvement and use of low carbon or renewable energy.
- Minimise waste and promote recycling throughout the value chain.
Make Cleaner Energy More Accessible
- Increase efficacy in providing low carbon energy and solutions such as natural gas and renewable energy.
Accelerate Technology and Innovation Stewardship
- Develop low and zero carbon fuels, products and solutions.
- Advance emission reduction technologies such as carbon capture, utilisation and sequestration (CCUS) in high CO2 fields.
Invest in Nature-based Solutions
- Preserve and restore the capacity of ecosystems to act as forest-based carbon sinks for CO2 sequestration.
Leading Sustainable Progress
Our Aspiration heralds a new chapter as we continue our sustainability journey together with all our stakeholders: employees, customers, partners and communities. Together, we want to shape a future that coming generations can look forward to.
We are showing our commitment to positive change through our Sustainability Agenda by addressing the key issue of our time — climate change — while recognising the socio-economic impacts of pivoting to low carbon energy. We intend to pursue this progress in a sustainable manner with a Just Transition where people, planet and profit will benefit: -
Going Net Zero...
...will consider the impact
on our employees, customers, partners, and communities to take the journey with us and enjoy the benefits and opportunities.
...will seek to promote
active advocacy of policies that support both the aspiration as well as our partners and trade associations that are aligned with net zero carbon emissions 2050.
...will seek to create opportunities
for better quality of life through capability development, and career growth, and respect for the natural environment to sustain our social license to operate. Our strong Generative Culture guided by the refreshed PETRONAS Cultural Beliefs are preparing our employees for the transition to help us achieve net zero carbon emissions 2050.
...will adopt 'Life Cycle Thinking'
to appraise our environmental footprint across the value chain, identifying opportunities to create products and solutions towards more sustainable production and consumption.