There is no doubt that climate change is one of humanity’s greatest challenges. Its effects are detrimental and range from sweeping ecological damage and community impact to potentially trillions of dollars of losses in economic cost.
Cognizant of this, PETRONAS, as a global energy solutions provider, is guided by its Net Zero Carbon Emissions (NZCE) aspiration. The goals of NZCE are driven by a clear path to combat climate change and generate near-term macroeconomic payback for the Malaysian economy while delivering a sustainable future for the world, its people and the business.
To achieve NZCE, PETRONAS has identified four building blocks to balance the energy trilemma, defined as energy security (supply), energy equity (affordability) and environmental sustainability. These are building operational excellence, making cleaner energy more accessible, accelerating technology and innovation stewardship, and investing in nature-based solutions.
With this clear vision articulated, PETRONAS has already begun to pursue more climate friendly solutions and opportunities in the broader energy space, while creating new sustainable values for the organization.
These new values include boosting energy efficiencies through the increased use of natural gas and renewable energy supply capacity such as solar power and hydrogen. Complementing these efforts is PETRONAS’ commitment to lower emissions from its operations through the reduction of hydrocarbon flaring, venting and fuel gas usage.
A testament to how the company is utilizing solar power in its own facilities can be seen in PETRONAS’ Rooftops and Assets Nationwide (also known as Project SINARAN), an initiative to generate clean energy from solar photovoltaic (PV) systems. To date, more than 100 sites have had their installations completed or are in various stages of planning and execution.
Besides addressing internal needs, PETRONAS leads the way with approximately 1,000 megawatts of solar capacity in operations and under-development projects across India, Dubai and Malaysia. PETRONAS’ notable projects include the 175-megawatt power solarization project, India’s largest commercial and industrial (C&I) open access solar farm in a single location. Meanwhile in Malaysia, PETRONAS has signed the largest solar Power Purchase Agreement (PPA) through its deal with Lotuss Stores (formerly known as Tesco), and has a wide variety of customers, from fabrication yards and research complexes to universities and utility companies.
PETRONAS has also made headway in the production of low-carbon hydrogen by looking into carbon capture, utilization and storage (CCUS) technologies and renewable based hydrogen production pathways. In the near future, it plans to collaborate with key customers and hydropower suppliers to produce zero emission (green) hydrogen.
In addition, PETRONAS is currently looking into solutions for nature-based carbon offsets in order to preserve and restore these natural carbon sinks.
Addressing Climate Concerns
To further complement these efforts, PETRONAS continuously seeks to collaborate with innovators who share a similar vision to combat climate change and meet energy needs while maintaining business sustainability. This is why PETRONAS is a member of the World Business Council for Sustainable Development, which works with other corporations to address greenhouse gas (GHG) emissions and ensure societies move toward a sustainable future.
With its Net Zero Carbon Emissions by 2050 pledge, PETRONAS is progressively looking for solutions and will continue to do what is necessary to achieve its long-term sustainable energy targets.