Kuala Lumpur, 30 June 2023 – The recently concluded inaugural Energy Asia has put a fresh discourse on the new realities of energy transition where the voice of Asia must be heard more prominently for the region and the world to move closer to a net zero future that is just and responsible.
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 participants and more than 10,000 visitors from 28 countries.
PETRONAS President and Group CEO and Chairman of Energy Asia, Tengku Muhammad Taufik said, “We wanted to differentiate Energy Asia from other thought leadership events by making it oriented towards committing to actionable solutions. Energy Asia was also convened to enhance, promote and surface dialogues that were previously framed by more matured and developed economies. PETRONAS and its partner S&P hoped to ensure that the issues tackled during the conference were those directly relevant to industries and segments of communities in Asia and emerging economies who would contend with the daunting challenge of energy transition,” he said.
He also emphasised on the importance of collaboration between the public and private sector 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 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 added.
“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.
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 need to increase from the current 3% to 31% by 2050; and reduce energy usage from fossil fuels from 80% currently, to 33% by 2050. This outlook indicates significant roles for carbon capture use and storage (CCUS) and direct air capture (DAC).
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.
Delegates had access to the Innovation Agora, an open marketplace for the exchange of ideas and insights on energy innovation, emerging technologies and solutions and the Energy Asia exhibition which includes the PETRONAS Energy Park.
