PETRONAS and other major energy companies in Southeast Asia issued a joint statement during the 29th United Nations Climate Change Conference (COP29). The statement advocates for a just energy transition, prioritizing people, livelihoods, and nature as core elements of climate action.
The companies involved in this initiative include the Ministry of Mines and Energy of Cambodia, PT Pertamina (Persero), PETRONAS, Myanma Oil and Gas Enterprise, Philippine National Oil Company, Singapore LNG Corporation Pte Ltd, PTT Public Company Limited, and the ASEAN Centre for Energy (ACE), all of whom are members of the ASEAN Council on Petroleum (ASCOPE).
Stakeholders recognize methane emissions’ urgency and commit to driving Southeast Asia’s energy transition to align with global climate targets.
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A Collaborative Approach to Tackling Methane Emissions
Signatories emphasized collaboration across the energy value chain, acknowledging the need for tailored approaches to meet Paris Agreement climate goals.
They believe that Southeast Asia can make significant strides in reducing methane emissions by 2030 with concerted effort. The commitment focuses on reducing emissions and fostering inclusive dialogues, ensuring the energy transition benefits all sectors and communities.
The companies focus on innovative methane management solutions, improving the sector’s measurement, monitoring, reporting, verification, and mitigation practices. They also aim to establish a baseline for methane emissions within the Southeast Asian oil and gas industry by 2025. This will serve as a foundation for setting ambitious collective reduction targets 2030.
The collaboration aims to share methane reduction and decarbonisation progress via ASCOPE, enhancing transparency and promoting regional cooperation.
Industry leaders are positioning this initiative to drive significant environmental change while ensuring equitable sharing of the energy transition’s benefits.
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PETRONAS demonstrates its commitment to methane reduction by significantly cutting emissions across its natural gas value chain operations. By 2023, PETRONAS reduced methane emissions by 58%, surpassing its 50% reduction target for 2025.
This achievement underscores the company’s commitment to sustainability and climate action, and aligns with its broader Net Zero Carbon Emissions by 2050 pathway. Moreover, PETRONAS’s efforts are consistent with global initiatives. The company is also developing its own Methane Leadership Program, demonstrating its commitment to advancing the global climate agenda.
