Malaysia's Petronas aims for 'net zero' emissions by 2050 | Inquirer Business
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Malaysia’s Petronas aims for ‘net zero’ emissions by 2050

/ 08:11 PM November 05, 2020

Kuala Lumpur, Malaysia — Malaysian state energy giant Petronas on Thursday set a target of “net-zero” carbon emissions by 2050, the latest major oil company to step up efforts to combat climate change.

The firm, a significant contributor to Malaysian government revenues, said it would aim to slash emissions by steps such as improving the energy efficiency of its operations and focusing more on renewables.

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The energy industry has long been criticized for inaction on climate change but several companies have responded to the growing pressure in recent times.

Petronas — Malaysia’s only Fortune 500 company — has set a target that is in line with commitments by British energy company BP and Anglo-Dutch giant Royal Dutch Shell.

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Governments have also been pledging to slash emissions. Japan last month set a 2050 deadline to become carbon neutral, putting it on the same timeline as Europe and Britain and a decade ahead of China, which recently set a 2060 goal.

Like other energy companies, Petronas has been hit hard by the collapse in oil prices and demand during the coronavirus pandemic.

It reported a loss of 21 billion ringgit ($5 billion) in the April-June period.

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TAGS: climate, climate change, Energy, environment, Malayisa, Petronas
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