Practical Solutions to Achieving Climate Goals
Adif Zulkifli, Executive Vice President and CEO-Upstream, Petronas, took to the stage on the first day of the International Energy Summit to give a keynote speech looking at how his company has focussed on achieving net zero.
‘2015 was a significant year. I feel this is when the need to act on climate change truly entered the mainstream consciousness. This is the year when the Paris Agreement was signed, with a pledge to cut carbon emissions, and I know some people in this room were involved in the agreement. The goals and ambitions set out in the road to preserve the planet are lofty, but the solutions need to be practical.
‘Energy isn’t just what runs our house and cars – it is core to everything in our way of life, right down to the food we eat. Nowhere is this more obvious than in South East Asia. Here fossil fuels still count for 70% of our energy and this is what has kept the lights on across the continent. Despite this, the countries in the region have still pledged to reduce carbon intensity. This needs a collective effort from all aspects of society, but NOCs will play the largest role.
‘At Petronas, we have an unwavering commitment to reducing emissions. In 2020, we became the first SE Asian OG company to declare aspiration of achieving net zero by 2050. Our Energy Transition Strategy is threefold. The core business needs to produce more energy with fewer emissions. Our new business needs to capture new growth opportunities, for example - CCS, renewables, and hydrogen. Finally, we need to achieve net zero carbon emissions.
‘This strategy needs to be pretty on paper but also practical and grounded in reality.’
About AIEN:
The Association of International Energy Negotiators, formerly Association of International Petroleum Negotiators, is an independent not-for-profit professional membership association that supports international energy negotiators around the world enhancing their effectiveness and professionalism in the international energy community. Founded in 1981, AIEN has roughly 2,800 members in more than 110 countries, representing international and national energy companies, governments, law firms and academic institutions.
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