Petronas sets net zero carbon emissions target by 2050

KUALA LUMPUR (Nov 5): Petroliam Nasional Bhd (Petronas) has set an 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.

In a statement, Petronas president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said as the world contends with the many challenges brought about by energy transition, Petronas is embracing its role in providing access to affordable, secure and sustainable energy to businesses and society.

“The group is committed to fulfill its purpose in providing cleaner energy and solutions that benefit both the world we live in as well as the customers we serve through reduced emissions,” he said.

According to Petronas, the net zero carbon emissions aspiration by 2050 is guided by the four lenses of the Petronas sustainability agenda, which demonstrates the company’s long-term commitment to continued value creation, safeguarding the environment, positive social impact and responsible governance throughout its integrated value chain.

With the target set for 2050, Petronas said it will continue to intensify its efforts towards reducing Scope 1 and Scope 2 Green House Gas emissions from its assets by delivering continuous improvements in operational excellence, and by deploying innovative operations and technologies.

Together with these efforts, Petronas will also pursue new avenues of revenue creation via investments in nature-based solutions as well as establish greater accessibility to cleaner energy solutions.

Complementing the new aspiration, the group also launched its new brand positioning, passionate about progress that demonstrates the company’s commitment to continue developing winning, progressive and sustainable solutions.

The new brand positioning reflects the group’s dynamic growth journey and its aspiration to achieve the greater good through partnerships with stakeholders, customers and partners.

In navigating the challenges of the global energy transition, Petronas will continue to work together with its many diverse partners to deliver solutions that ensure the joint prosperity and well-being of all its stakeholders.