PETRONAS Leads Southeast Asia's Discourse to Advance Collaboration Towards Net Zero

KUALA LUMPUR, 3 November 2022 – Driven by the urgency of the energy trilemma of security, affordability, and environmental sustainability, PETRONAS is providing leadership in Southeast Asia’s discourse on efforts to accelerate collaborations in net zero solutions and ensure an effective and just energy transition in the region.

To further reinforce this effort, PETRONAS will organise Energy Asia, a conference focused on the energy transition and sustainability agendas and has concluded an agreement to have CERAWeek by S&P Global to serve as the conference’s knowledge partner.

The agreement will support Energy Asia’s efforts to enable greater collaboration and actionable steps to frame and realize Asia’s net zero carbon ambitions. Energy Asia will be the nexus of conversations designed to shape Asia’s net zero future.

At a document exchange ceremony during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022, PETRONAS President and Group CEO, Datuk Tengku Muhammad Taufik said, "PETRONAS’ partnership with CERAWeek underlines our shared ambition to address energy transition justly and responsibly. As a progressive energy and solutions partner operating at the heart of the region, PETRONAS stands firmly guided by its belief that the transition strategy must be realistic and practical considering the unique conditions of Southeast Asia. Together with CERAWeek, PETRONAS looks forward to accelerating and fostering greater regional partnerships that will chart the critical pathways towards delivering a net zero future.”

“Moving from the ‘what’ to the ‘how’ of net-zero while meeting the needs of growing economies is an important and complex endeavor for ASEAN countries that represent a combined $10 trillion in gross domestic product,” said Daniel Yergin, Vice Chairman, S&P Global, CERAWeek conference chair and author of The New Map: Energy, Climate and the Clash of Nations. “As a knowledge partner for Energy Asia 2023, CERAWeek is pleased to participate in these important dialogues leading up to what will be a significant thought leadership event at a critical time for Asia’s energy future.”

Energy Asia is set to take place in Kuala Lumpur on 26 to 28 June 2023 and will gather global industry leaders, investors and policy makers to move beyond pledges and address the challenges of energy transition to achieve a just and responsible net zero future for Asia.

Setting the motion for Energy Asia next year, PETRONAS and CERAWeek recently convened primary regional policy makers in a Multi-Stakeholder Dialogue to engage in conversations on how their countries can secure more energy with lower emissions.

The dialogue, themed “Southeast Asia’s Net Zero Pathways: More Energy, Less Emissions” was held on 12 October 2022, and was the first of the three sessions leading to Energy Asia 2023 as a meaningful platform to map out the region’s pathway towards net zero.

Minister in the Prime Minister’s Department (Economy) Dato’ Sri Mustapa Mohamed and Datuk Tengku Taufik along with regional government officials, key energy players from Indonesia, Singapore, the Philippines, Thailand, Vietnam, Brunei as well as participants from the financial and education institutions attended the inaugural dialogue. Participants exchanged their thoughts and perspectives on energy transition and how each country is shaping practices and policies to meet sustainable net zero ambitions.

In his opening address to the Multi-Stakeholder Dialogue, Datuk Tengku Taufik said Southeast Asia has the potential to leapfrog its energy transition journey by leveraging on the learnings from other regions in formulating its own realistic and practical transition pathway.

He said, “While energy security remains a key priority, getting the balance right between energy affordability and energy sustainability will need more open deliberations as we rally to shape a just and responsible transition for Southeast Asia. All stakeholders must work in unison to co-create the ecosystem. I am hopeful that the first dialogue in our 3-part series is a positive step in our collective efforts towards setting the pace for the future of energy in the region.”

Dato’ Sri Mustapa said, “In articulating the ambitions of the recently launched Malaysia’s National Energy Policy, the active support of the public and private sector stakeholders is paramount. This dialogue is an opportune platform to strengthen cooperation between the international community for a successful energy transition for the region.”

The key topics covered during the dialogue included decarbonisation policies, current and future scenarios for the energy mix, meeting energy needs for growth, decarbonising technologies, required policies, and financing, as well as capital needs in achieving climate goals for the Asian region.

Subsequent dialogues will take place in November and December this year and will culminate at Energy Asia in June.