Petronas calls for stronger regional collaboration on global energy transition - MIDA | Malaysian Investment Development Authority
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Petronas calls for stronger regional collaboration on global energy transition

Petronas calls for stronger regional collaboration on global energy transition

20 Nov 2020

Petroliam Nasional Bhd (Petronas) has called for ASEAN governments, energy players as well as the public and private sectors to collaborate and collectively leverage each other’s strengths in achieving a sustainable, low-carbon future.

To-date, it said ASEAN member countries have collectively endorsed ambitious targets that seek to improve energy efficiency, limit emissions from fossil fuels and expand the role of renewable energy, especially in the power sector — all of which are positive signs that the region is moving in the right direction.

The call was made by Petronas president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz 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 Wednesday.

He said the region had made pathways towards carbon neutral energy, noting that there are many more opportunities to strengthen regional cooperation and create the right eco-system to promote a wider usage of clean and sustainable energy sources, particularly solar and wind.

“The shift towards a low-carbon future will require coordinated and collective action from all stakeholders,” Tengku Muhammad Taufik said.

He noted 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.

He also pointed out that it is important to address the energy trilemma, namely, 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.

Tengku Muhammad Taufik noted that natural gas remains a priority to Petronas as a cleaner source of fossil fuel; offering a suitable solution towards meeting the energy needs of Southeast Asia’s burgeoning population.

Apart from solar and wind, he said the group is also seeing opportunities in new energy sources that will complement its global liquified natural gas (LNG) portfolio, including hydrogen.

He added that the group is now working towards sustainable coalitions with technology providers to develop zero-emission hydrogen fuel from bio-based products and carbon engineering.

Source: Bernama Posted on : 20 November 2020