In a special address titled ‘Southeast Asia Energy Outlook in a Global Context’ at the opening of the virtual ASEAN Energy Business Forum (AEBF) 2020 yesterday, PETRONAS (Kuala Lumpur, Malaysia) President and Group Chief Executive Officer Tengku Muhammad Taufik said: “While the region has made a start towards carbon neutral energy pathways, there remain further opportunities to strengthen regional cooperation and create the right eco-system to promote a wider usage of energy from clean and sustainable sources, particularly solar and wind. The shift towards a low-carbon future will require coordinated and collective action from all stakeholders.”
He added that government support and intervention in developing and implementing supportive energy policies and business-friendly regulations are pivotal for businesses to survive, while public-private sector collaboration will help attract technology-based Foreign Direct Investments as well as technology proprietorships and solutions providers.
Tengku Muhammad Taufik also pointed out that it is important to address the energy trilemma of security, sustainability and affordability.
“The ASEAN energy transition in the context of the energy trilemma is moving at a different pace as the region is mostly made up of developing economies with competing national economic and social agenda. Even though energy security remains the top priority for ASEAN, its economies need to strike the right balance between energy affordability and energy security. In this regard, PETRONAS is committed to continuously deliver energy while balancing the energy trilemma.”
He said natural gas remains core to PETRONAS as a cleaner source of fossil fuel, offering a suitable solution towards ensuring the energy needs of Southeast Asia’s burgeoning population. Apart from solar and wind, PETRONAS is also seeing opportunities in new energy sources that will complement its global Liquified Natural Gas (LNG) portfolio, and this includes hydrogen, where the Company is now working towards sustainable coalitions with technology providers to develop zero-emission hydrogen fuel from bio-based products and carbon engineering.
More recently, PETRONAS announced its 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 which are aligned to its statement of purpose, namely to be a ‘progressive energy and solutions partner enriching lives for a sustainable future’.