Thailand aiming for net zero by 2050
Described: 16 Sep 2024 at 04: 30
PTT Plc, Thailand’s national energy firm, has realigned its method to balance business development with conservation, and expand both its own and the nation’s ambitions of achieving carbon independence and net-zero pollution, says its chief executive officer.
Kongkrapan Intarajang, the president and CEO of PTT, lately told the Bangkok Post that the firm is working toward a balance between conservation and business development to maintain Thailand’s national energy security. PTT has set an ambitious goal of reaching carbon net zero by 2050, also ahead of the national target of 2065 agreed upon at COP26 in Glasgow, Scotland.
To generate business development, PTT has divided its operations into two major areas– the oil and energy business, and the non-hydrocarbon business. By integrating carbon capture and storage (CCS) technologies and reducing carbon emissions, the petroleum and energy sector will put its weight on sustainable growth. However, its existing businesses– inland, river, and power–will increase decarbonisation efforts and raise profitability.
On the non-hydrocarbon before, PTT is revisiting areas such as electric automobiles, transportation, and life science to improve their market elegance and proper viability. ” Formerly, investments in this area were scattered. Buyers are looking for more significant benefits, and we need to concentrate on wise investments, doing what we excel at while together advancing conservation, reducing greenhouse chemicals, and growing EBIDA”, Mr Kongkrapan noted.
He acknowledged that the CCS industry has high fees, but sees it as a potential match for international megatrends. On CCS initiatives, the whole PTT party will work together.
As for hydrogen energy, while current demand remains low, the country’s latest Power Development Plan ( PDP ) includes it as 5 % of the total energy mix for electricity generation.
PTT is working closely with the government to create infrastructure to support future gas imports, the CEO said, with gas poised to become a global craze in alternative energy.
Jatuporn Buruspat, the permanent secretary of the Ministry of Natural Resources and Environment and a board member of PTT, emphasized the value of collaboration between the private sector and reducing carbon emissions.
He highlighted PTT’s pivotal role in driving Thailand’s progress toward meeting its carbon reduction commitments. Thailand anticipates a 388 million to be a carbon emission by 2025, an increase from the 269 million to the 269 million to be 2021. The nation has pledged to reach carbon zero by 2065 and to reduce emissions by 40 % by 2030. Notably, PTT Group accounts for nearly one-sixth of the country’s total CO2 emissions, making its decarbonisation and CCS efforts critical, said Mr Jatuporn.
Mr Jatuporn added that while Thailand contributes only 0.8 % of global CO2 emissions, it ranks among the top 10 countries most vulnerable to climate change, given its more than 3, 000 kilometres of coastline. He urged that every effort be made to reduce carbon emissions and suggested additional measures, including the complete phasing out of coal use in Thailand within the next ten years.