Petroleum is one of the useful natural resources on the earth, with applications starting from transportation fuels to cosmetics.
As a result, many countries decided to nationalize their oil supplies. This gives them greater control over their oil reserves, in addition to extra money flows.
Nationalization often involves the creation of a national oil company to regulate the country’s energy activities.
National oil corporations are a big player in the worldwide energy market, accounting for roughly three-quarters of the world’s oil reserves.
As a result, lots of them made the Fortune Global 500 list, which incorporates the five hundred largest corporations on the earth by revenue.
In November 2020, Malaysia’s Petronas expressed its ambition to attain net zero carbon emissions by 2050. The Malaysian government owns 100% of Petronas, which is the country’s only entry on the Fortune Global 500 list.
Petroliam Nasional Bhd (Petronas) goals to scale back greenhouse gas emissions to 49.5 million tonnes of CO2 equivalent by 2024 and increase investment in renewable energy sources in the long run to attain greater sustainability goals.
“For renewables, our goal is to reach 3,000 MW of installed renewable energy (RE) capacity by 2024 and we will continue to increase our investment in this area,” said Charlotte Wolff-Bye, chief sustainability officer of the state oil company , in an email to the Malaysian Reserve.
According to Wolff-Bye, the corporate is on the lookout for an optimal portfolio mix that can help it achieve its energy transition goals. Wolff-Bye also said corporations must take any greenwashing claims seriously.
“As we develop a shared vision for a future that delivers a carbon-free energy system and a transition that creates better prospects for inclusive and green economic growth, providing more opportunities for more people,” she said.
“Petronas must support its key support for good and open channels of dialogue in society and with stakeholders as we develop a shared vision for a future that can deliver a carbon-free energy system and a transition that creates higher green prospects and inclusive development, providing more opportunities for more people.
Source: Malaysia Reserve, VisualCapitalist.com
