by AZREEN HANI / pic by BLOOMBERG

PETROLIAM Nasional Bhd (Petronas) aims to cap its greenhouse gas emissions at 49.5 million tonnes of CO2 equivalent by 2024 and expand renewables investments to meet higher sustainability goals in the future.

“On renewables, our target is to achieve 3,000MW of installed renewable energy (RE) capacity by 2024 and we will continue to expand our investments in this area,” the state oil firm’s chief sustainability officer Charlotte Wolff-Bye told The Malaysian Reserve via email.

Wolff-Bye said the company is looking at the right portfolio mix to drive its energy transition strategy.

“We will continue to expand our investment in RE, which benefits the various stakeholders along the value chain for a greater good,” she said, adding that Petronas applies a three-pronged growth strategy for business sustainability.

“We also have our mantra which says: Moving Forward Together at 50:30:0. This means improving cashflow by 50% by 2025, developing new sources of revenue from non-traditional areas by 2030 and achieving our net-zero aspiration by 2050,” she explained.

“Being a conscientious player in the global energy sector, Petronas recognises its responsibility to balance out the risks of climate change with the mandate to produce affordable and reliable energy in a sustainable manner,” she added.

Petronas announced its ambition to achieve Net Zero Carbon Emissions by 2050 (NZCE 2050) in November last year as part of its holistic approach to sustainability that balances environment, social and governance considerations.

“Our NZCE 2050 aspiration underscores our ambition to meet higher sustainability goals for the longer term that address stakeholder concerns, ensuring that Petronas remains resilient for the long term,” Wolff-Bye said.

“The energy transition will indeed be a transition. It won’t be an overnight switch from fossil fuels to renewables. However, that doesn’t mean that we shouldn’t aim to accelerate the pace and scale of our actions,” she added.

In November, it is reported that 21 US states are taking fossil fuel giants —including Chevron Corp, Exxon Mobil Corp, BP plc and Royal Dutch Shell plc — to court for alleged greenwashing and, it is claimed, engaging in a decade-long disinformation campaign about the effects of climate change.

The companies have denied the accusations.

Wolff-Bye said it is vital for businesses to take any accusations of greenwashing seriously.

“At the end of the day, we must make sure that the business community at large and energy producers such as Petronas are trusted by society to deliver on the energy transition for a more sustainable future.”

She noted that it is essential for Petronas to foster good and open channels for dialogue across society and with stakeholders, “as we develop a common vision for the future that will deliver an energy system that is free of emissions and a transition that creates better prospects for green and inclusive growth, with more opportunities for more people”.

Petronas has recently announced its support for the Recommendations of the Task Force on Climate-related Financial Disclosures.

“This means that we will report publicly on how we perceive climate risk and be open about our response. Transparency in our plans and actions are important building blocks in trust,” she said.