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Energy Asia Gives Insight Into New Realities Of Energy Transition

From left: Senior Vice President and Chief Energy Strategist at S&P Global Commodity Insights, Atul Arya; President & Group CEO PETRONAS and Chairman of Energy Asia, Tan Sri Tengku Muhammad Taufik and Vice Chairman of S&P Global Dr. Daniel Yergin, at the closing ceremony of Energy Asia 2023. Energy Asia 2023 came to a close after three engaging days of discussions and conversations; best practice across the energy ecosystem, and actionable solutions for charting pathways for a sustainable Asia.

KUALA LUMPUR, July 4 (Bernama) -- The recently concluded inaugural Energy Asia has put a fresh discourse on the new realities of the energy transition to move closer to a net zero future that is just and responsible.

Energy Asia 2023 chairman Tan Sri Tengku Muhammad Taufik Tengku Aziz emphasised the importance of collaboration between the public and private sectors as well as innovation to drive actionable solutions that will result in a just and responsible energy transition for the region.

“While we take on the challenge of achieving a net zero future, there are realistic steps that can be taken along the way. However, this will necessitate an ‘all-in’ effort to allow us to move faster in the right direction.

“Governments across the region must provide supportive and coherent policies, but we also need the multilateral institutions, development banks, and private investors to contribute significantly towards the endeavour,” he said in a statement.

Tengku Muhammad Taufik, who is also Petronas president and group chief executive officer, said the conference surfaced an urgent need to unlock the much-needed financing to decarbonise emerging economies.

With the abundant opportunities Asia offers as a major energy market and driver of global growth, justly and responsibly navigating the region's energy transition together can set an example of inclusive regional cooperation.

“In line with our purpose, Petronas aspires to be a progressive partner in delivering realistic, pragmatic and practical pathways,” he said.

At the side lines of Energy Asia, Petronas entered into 11 collaboration agreements with various partners.

This included the launch of the Asean Energy Sector Methane Leadership Programme (MLP) together with sector energy operators, governmental agencies and international organisations to manage methane emissions within the region.

Petronas also signed a development agreement with TotalEnergies Carbon Neutrality Ventures and Mitsui to collaborate on a carbon capture project in Malaysia.

The statement said Asia is embarking on a transformative journey to reduce greenhouse gas emissions while simultaneously offsetting remaining emissions.

To meet the climate goals of the Paris Agreement, the global energy share from renewables needs to increase from the current three per cent to 31 per cent by 2050; and reduce energy usage from fossil fuels from 80 per cent currently to 33 per cent by 2050.

This outlook indicates significant roles for carbon capture use and storage (CCUS) and direct air capture (DAC), it said.

Jointly created by Petronas and CERAWeek by S&P Global as its knowledge partner, Energy Asia 2023 gathered the world’s leading industry leaders, experts, investors and policymakers to advance the region’s net zero ambitions through actionable solutions for a just and responsible energy transition.

Themed, ‘Charting Pathways for a Sustainable Asia,’ the three-day conference facilitated constructive dialogues between global leaders and business executives from across 19 industries on how Asia can achieve a sustainable future that tackles emissions while preserving its ability to pursue economic growth and social progress.

Energy Asia featured more than 100 renowned speakers and was attended by 4,600 delegates and more than 10,000 visitors from 27 countries.

-- BERNAMA

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