On November 1, PETRONAS announced its 2050 net zero carbon emissions pathway (NZCE 2050), which seeks to accelerate and advance the actions and commitment of the entire group to achieve future ambitions of net zero carbon emissions.
In the words of PETRONAS Group President and CEO, Datuk Tengku Muhammad Taufik: “PETRONAS remains fully committed to providing the world with the energy it needs. While making sure to meet the climate goals of the Paris Agreement. The pathway will enable us to address emissions from our integrated energy portfolio system at pace, ensuring our customers have safer, more reliable, cost-effective and lower emissions energy solutions as we move towards NZCE 2050.”
The short and medium term goal
The short-term goal for 2024 is to limit its greenhouse gas (GHG) emissions to 49.5 million tonnes of carbon dioxide equivalent (MtCO₂e) for Scope 1 and Scope 2 emissions in Malaysia.
By 2025, the goal is to achieve a 50% reduction in methane emissions from the natural gas value chain across the PETRONAS group.
The company aims to achieve GHG emission reductions of 25% by 2030 to reach 43.29 MtCO₂e, where PETRONAS’ GHG emissions reflect the economic interest of its operations. These objectives focus on immediate control operations that can affect direct change.
Part of this effort includes the 70% methane emissions reduction set for assets where PETRONAS has operational control, as well as a 50% reduction in methane emissions from the Malaysian natural gas value chain in support of the country’s Global Methane Commitment.
With this program in place, PETRONAS is allocating 20% of its capex for decarbonization projects and expansion towards cleaner energy solutions from 2022 to 2026.
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PETRONAS Vice President and Chief Sustainability Officer Charlotte Wolff Speaks
“Our NZCE 2050 roadmap will provide strategic course and direction as we further intensify efforts on our net zero carbon emissions journey to 2050, putting us in a better position to support Malaysia in its zero emissions goal. greenhouse gas emissions and their Nationally Determined Contribution (NDC) to the Paris Agreement. We know we must do more and this is an important milestone on our journey.”
As of 2021, PETRONAS achieved a reduction of 17.5 MtCO₂e through various projects. Now, PETRONAS decarbonization efforts are based on three stages:
- Zero burning and routine ventilation.
- Energy efficiency.
- Electrification, carbon capture and storage to reduce GHG emissions from its operations.
