Petronas
Petronas’ ambition is to achieve net zero carbon emissions by 2050. The definition and Scope remain unclear and not well defined in their sustainability reporting. It is mentioned that Petronas assessed their Scope 3 emissions for the first time in 2021, which are identified according to the GHG Protocol – Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Scope 3 reduction goals are not clearly quantified however and the Scope 3 impact is very small (less than 50% of Scope 1 and 2), which casts a shadow of doubt on the methodology.
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Sustainability Report
About Petronas
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It is assumed Petronas’ net zero carbon emissions by 2050 are for Scope 1 and 2 only, with intermediate targets of 20% by 2030 and 80% by 2040 as referenced in their sustainability reporting. No quantification or further elaboration on the details are provided.
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No shore power projects have been identified.
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Petronas focusses on partnerships for the chemical and petrochemical industry, including:
Methanol Institute (MI)
International Fertilizer Association (IFA)
Malaysian Plastics Manufacturers Association (MPMA)
Malaysian Petrochemicals Association (MPA)
Malaysia Sustainable Plastic Alliance (MaSPA)
Fertilizer Industry Association of Malaysia (FIAM)
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Petronas’ sustainability strategy is divided into the classic pillars of Economic, Environmental and Social governance. A Sustainable Development Working Committee (SDWC) leads Petronas’ sustainability agenda, which is then reviewed and approved by the Management Committee and reported to the Board. Carbon reduction targets
In 2021 Petronas introduced sustainability KPIs in top management performance appraisals. Additionally, the Board holds quarterly deliberations on sustainability issues and undergo external training on sustainability-related matters. Similarly, we have included PCG’s sustainability performance as a permanent agenda in quarterly Board meetings.
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Petronas - Net Zero Carbon Emissions
