PETRONAS Inks Agreements with Japan to Pursue Carbon Neutrality by 2050

PETRONAS Inks Agreements with Japan to Pursue Carbon Neutrality by 2050

In order to jointly achieve the sustainability goal of becoming carbon neutral by 2050, PETRONAS has inked memorandum of cooperation (MoC) with the Ministry of Economy, Trade and Industry of Japan (METI) and a memorandum of understanding (MoU) with the Japan Bank for International Cooperation (JBIC).

The agreements were signed concurrently with the Asia Green Growth Partnership Ministerial Meeting (AGGPM). PETRONAS President and Group CEO Datuk Tengku Muhammad Taufik signed on the company’s behalf. METI’s Commissioner, Agency for Natural Resources and Energy’s Hosaka Shin, and JBIC’s Governor Hayashi Nobumitsu represented METI and JBIC, respectively.

The MoC with METI intends to improve PETRONAS and Japan’s cooperation in the research and application of energy sources and technologies to realize a practical energy transition.

The MoU with JBIC focuses on growing and enhancing bilateral cooperation between PETRONAS and Japanese businesses in projects carried out by PETRONAS globally in a number of sectors, including value chain development of hydrogen and ammonia, renewable energy, carbon capture and storage (CCS), and green mobility.

The MoC and MoU are anticipated to promote technical cooperation and capabilities in low-carbon technologies in the region, as well as facilitate investment and funding.

In his speech at AGGPM, Datuk Tengku Taufik said, “Japan has been our trusted and valued partner since the days of our first LNG exports in the early 1980s, and this partnership has expanded to include new areas of collaboration in the clean energy space. PETRONAS is pleased to continue further strengthening our ties through this collaboration with METI and JBIC in pursuing green growth for Asia towards a just energy transition.”

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