Building a Bridge to a Low Carbon Future
Sustainability has long been a significant consideration for oil and gas companies as the shift away from fossil fuels gains momentum due to climate change concerns.
And the growing momentum for a transition to low carbon is creating a sense of urgency for these companies to develop proactive strategies to respond to new demands on sustainability whilst maintaining profitability against a backdrop of supply, demand and oil price volatility.
Despite the global disruption from the COVID-19 pandemic, the transition to clean energy did not come to a standstill. Today, we’re seeing more economies leveraging private sector interest to accelerate the deployment of renewable energy.
PETRONAS has always taken a proactive approach in its commitment to sustainable development. The Company has been exploring the clean energy space since 2013 as part of its long-term growth strategy by adopting commercial renewable energy technologies that for example, use solar and wind for power.
With changes sweeping the industry, Malaysia’s national energy company continues to set a trend in providing cleaner energy solutions in a responsible way by focusing on the following five areas.
Hidden within the equatorial rainforests of Borneo in the state of Sabah, and nestled among lush vegetation with the majestic Imbak Falls as a backdrop, is a 100 million-year-old pristine rainforest known as the Imbak Canyon.
PETRONAS has been safeguarding and caring for this remarkable landscape which is home to a wide variety of flora and fauna including 82 animal species, 242 bird species, and over 50 species of medicinal plants.
Since 2010, the Company has invested US$20 million to conserve this Malaysian forest heritage – where the endemic Borneo pygmy elephant is a regular visitor – for current and future generations.
To advance this treasure-trove of flora and fauna, the Company established the Imbak Canyon Studies Center (ICSC) in 2019. This center focuses on the sustainable use of natural resources, gene bank conservation and the exploration of new pharmaceutical and biotechnological potentials.
Operated by Malaysians in Sabah, the ICSC has also brought economic sustainability to communities near the Imbak area by creating jobs and improving their quality of life. Young people, in particular, have found employment in hospitality and tourism-related activities and this has significantly improved their livelihood. What’s more, ICSC is transforming the villagers into conservation advocates, championing sustainability wherever they go.
A Bridge to Education
With operations throughout its home country of Malaysia, PETRONAS discovered that school-going children in the more remote parts of Malaysia’s Sabah and Sarawak states had to trek more than several kilometers daily and sometimes across raging rivers, just to get to school.
Moved by the plight of these children, four years ago the Company commenced building two hostels and other facilities for the students in Paloh, a secluded village in Sarawak and in Balambangan, an island off the coast of Sabah. Both hostels are located within the school compound and can accommodate 60 beds each for male and female pupils.
With the hostels in operation today, students can stay on campus during the school week and go home during the weekends. This saves them time and protects them from the harsh conditions they would otherwise experience in their daily journey.
More importantly, the presence of these hostels enables the students to attend classes without fail, with the students now having improved opportunity and access to education, strengthening their chances for a better tomorrow.
Mention the name Mercedes and even those who aren’t car enthusiasts will know that it is among the world’s leading luxury vehicle brand. But perhaps what’s less known is the fact that since 2010, PETRONAS has been the title sponsor and technical partner to the Mercedes-AMG PETRONAS Formula One (F1) Team.
This partnership of providing Fluid Technology Solutions™, which has powered the Mercedes team to a historic seven consecutive double World Championship titles, demonstrates PETRONAS’ leadership in lubricants innovation. The F1 track is PETRONAS’ testbed to formulate and produce sustainable and affordable fluid solutions for everyday drivers.
Fluid Technology Solutions™ has also enabled PETRONAS’ entry into the electric vehicle (EV) market as it was among the first lubricants players to announce e-fluid technologies with the PETRONAS iona range of thermal battery fluids products at the Geneva Motor Show in March 2019. With this success, PETRONAS continues to collaborate with industry-leading experts through various symposiums and webinars to build collaborative opportunities and be future-ready for the world of e-mobility, making it a company to take notice of.
In our next post, we will explore two more sustainability areas where PETRONAS continues to harness the good in energy.