Petronas to deploy low-carbon solutions

by NUR HANANI AZMAN / pic by MUHD AMIN NAHARU

PETROLIAM Nasional Bhd (Petronas) is looking into the possibility of deploying more low-carbon solutions in the long term, with a project on carbon capture and storage in the planning.

Other types of low-carbon solutions include carbon utilisation technologies, and bio-based products and hydrogen.

Petronas VP of group health, safety, security and environment Dzafri Sham Ahmad said the company’s strategy is to continue minimising the impact of our carbon footprint in existing and future operations, and deploy more low-carbon solutions technologies.

He said a full understanding of market readiness and changes in consumer behaviour is needed in order to determine the required capital investments.

“We believe there are opportunities in growing our low-carbon portfolio and increasing circularity in our resource consumption to optimise costs.

“We are already seeing positive results through efforts that we have put in two decades ago to reduce emissions,” he said in a statement yesterday.

Over the same period, Petronas’ technology strategy also delivered improved efficiencies.

Riding on the momentum of its net zero carbon emissions 2050 declaration in October, Petronas joined forces with the United Nations Global Compact Network Malaysia & Brunei (UNGCMY&B) at the recent GO Environmental, Social and Governance Asean Corporate Sustainability Virtual Summit 2020 to position sustainability at the core of business recovery efforts in Asean.

The summit, themed “The Business of Recovering Better — A Resilient & Sustainable Asean by Design” was held from Nov 2 to 30, 2020, attracting both local and regional online participants.

Speaking at the event, Dzafri Sham said the summit was an opportune occasion to support Petronas’ aspiration of achieving net zero carbon emissions by 2050.

“In order to achieve the 2050 aspiration, a concerted effort and collaboration between policymakers, industries, consumers and other key stakeholders is required.

“Collaborations will be the key driver for Petronas to grow our businesses and support a green and clean agenda together with our partners,” he added.

Meanwhile, UNGCMY&B ED Faroze Nadar said the shift in focus from restarting to reimagining business is an opportunity to make way for a new, environmentally friendly economy in the creation of the world we want.

“Not to recover to the old normal but resetting for a sustainable and integrated global system in the post-pandemic era.

“The summit is indeed timely as it presents a platform for small and medium enterprises and corporates within Asean to come together and demonstrate climate leadership,” he said.

The summit featured high-level global and regional speakers, including a pool of heads of governments, with topics curated around global sustainability megatrends, the UNGC 10 Principles and Asean priority areas.