As a global energy and solutions partner, sustainability has always been at the forefront of PETRONAS’ agenda. It deeply understands the need to spearhead efforts towards a sustainable future.
PETRONAS’ sustainability journey began more than two decades ago with the integration of environmental, social and governance practices into its business and decision-making.
Driven by a clear agenda, PETRONAS strives to explore new opportunities and drive growth for the business, guided by the four sustainability lenses (see box). PETRONAS declared its aspiration to achieve net zero carbon emissions by 2050 in November 2020.
Cleaner, Renewable and New Energy
PETRONAS’ sustainability journey sees more solutions being introduced as part of the strategies including its foray into the cleaner, renewable and new energy sector. In 2016, PETRONAS introduced its first Floating Liquefied Natural Gas (PFLNG SATU), a game changer which can process gas from offshore fields with depths of up to 200 meters. Their second PFLNG (PFLNG DUA), is the world’s first deep-water floating LNG which is currently operating at water depths up to 1,500 meters. The PFLNG can transport offshore LNG without the need for pipelines, making this a more sustainable way of extracting and processing gas.
The journey continues through the acquisition of Amplus Energy Solutions in 2019, which has now successfully grown its total solar capacity in India and Malaysia to almost 1GW under operation and development.
While in the cleaner energy space, PETRONAS has recently set its focus on producing hydrogen fuel—an efficient energy output that is sustainable, leveraging on technology for the production and transportation of hydrogen.
Behind The Scenes
PETRONAS’ sustainable efforts are also aimed at protecting the environment. For example, it sponsors the Imbak Canyon Conservation Area in Sabah, which advocates research, reforestation, public education and the training of future stewards. Its gravity-based water systems—dubbed “Water for Life”— in Malaysia, Iraq and the Republic of South Sudan supply clean water to over 100,000 residents since 2013.
In the area of education for local communities, more than 31,000 students have benefited from various academic programs and training courses offered by Universiti Teknologi PETRONAS, Institut Teknologi Petroleum PETRONAS, and Akedemi Laut Malaysia.
PETRONAS recognizes that the key to its sustainability agenda is to continue looking for new ways to strengthen regional cooperation and create the right ecosystem to promote a broader usage of energy from clean and sustainable sources. This is also why PETRONAS joined over 200 forward thinking companies as the newest member of the World Business Council for Sustainable Development in 2020.
As PETRONAS moves towards a sustainable future, it will continue to align its business strategies toward global sustainable energy trends. This will enable PETRONAS to meet the demands of the energy trilemma—defined as security, sustainability and affordability—in ways that will create positive social impact while safeguarding the environment.