Malaysia’s Petronas aims for net-zero emissions by 2050
Malaysia’s state-owned energy giant Petroliam Nasional Berhad (Petronas) aims to become a net zero emitter of greenhouse gases by 2050, and plans to increase its investments in renewable energy, according to an S&P Global Platts report.
The announcement places Petronas amongst a growing list of global oil firms looking to transform themselves into integrated energy firms as the industry prepares for the energy transition process. BP, Shell and Equinor have also set similar targets, while India’s Reliance Industries has also pledged to become a net carbon-zero firm by 2035.
The burning of oil and gas accounts for the vast majority of the world’s carbon emissions, and many investors have pushed global oil majors to do more to combat climate change.
Petronas, the world’s fourth-largest exporter of LNG, will intensify efforts towards reducing the so-called Scope 1 and Scope 2 greenhouse gas emissions, referring to direct emissions from operations and the electricity used by the company.
"As the world contends with the many challenges brought about by energy transition, Petronas is embracing its role in providing access to affordable, secure and sustainable energy to businesses and society," says president and group CEO, Tengku Muhammad Taufik.
“The group is committed to fulfil its purpose in providing cleaner energy and solutions that benefit both the world we live in as well as the customers we serve through reduced emissions," he adds.
Petronas will continue to intensify its efforts towards reducing emissions from its assets by deploying innovative operations and technologies.
“Together with these efforts, Petronas will also pursue new avenues of revenue creation via investments in nature-based solutions as well as establish greater accessibility to cleaner energy solutions,” adds Taufik.
Petronas is a significant source of revenue for Malaysia’s federal government as it is the sole custodian of the country’s oil and gas reserves and produces petrochemicals. It is also engaged in exploration and production activities overseas.
In 2019, the company acquired a Singapore-based solar energy company as part of its push towards renewable energy.
Earlier this year, Petronas said that it was looking to expand its renewable energy portfolio after posting its first quarterly loss in nearly five years following a coronavirus-related demand slump and lower oil prices.
Sungrow links Europe's largest energy storage plant to grid
Europe's largest energy storage project, the 100MW/100MWh Minety plant featuring Sungrow's 1500V energy storage system solutions, has been successfully connected to the UK grid.
The UK experienced the most debilitating blackout in nearly a decade in August 2019. The incident exposed the serious lack of frequency regulation of the national grid and demonstrated that the construction of energy storage projects that can regulate the frequency of the grid in a timely fashion should be prioritised. The Minety project, which began at the end of 2019, considerably mitigates the problem and is designed for facilitating grid stability and maximising renewable energy utilisation.
Sungrow supplied both NCM and LFP battery energy storage system solutions featuring high integration, which minimise the footprint, slash the commissioning duration and significantly reduce the system cost by 5%. The solution well meets the latest UK frequency regulation requirement called dynamic containment - requesting the plant to respond to the power instruction of the grid within 1 second, making the project one of the rare 30% of the UK's storage plants equipped with this function.
"We are proud of being part of this landmark project, offering solutions with extreme efficiency and safety while in compliance with the stringent UK grid codes," said James Wu, Vice President of Sungrow, which shipped more than 800MWh of energy storage systems in 2020.
Battery storage capacity in the UK is likely to heavily increase as move towards operating a zero-carbon energy system. At the end of 2019 the GB battery storage capacity was 0.88GWh. National Grid forecasts it could be as high as 2.30GWh in 2025.
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