Malaysian state energy giant Petronas on Thursday set a target of "net zero" carbon emissions by 2050, the latest major oil company to step up efforts to combat climate change.

The firm, a significant contributor to Malaysian government revenues, said it would aim to slash emissions by steps such as improving the energy efficiency of its operations and focusing more on renewables.

The energy industry has long been criticised for inaction on climate change but several companies have responded to the growing pressure in recent times.

Petronas -- Malaysia's only Fortune 500 company -- has set a target that is in line with commitments by British energy company BP and Anglo-Dutch giant Royal Dutch Shell.

Governments have also been pledging to slash emissions. Japan last month set a 2050 deadline to become carbon neutral, putting it on the same timeline as Europe and Britain and a decade ahead of China, which recently set a 2060 goal.

Like other energy companies, Petronas has been hit hard by the collapse in oil prices and demand during the coronavirus pandemic.

It reported a loss of 21 billion ringgit ($5 billion) in the April-June period.

sr/gle

BP

ROYAL DUTCH SHELL PLC

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Norway court begins review of Arctic oil licenses
Oslo (AFP) Nov 4, 2020
Norway's Supreme Court began examining Wednesday a case brought by two environmental groups seeking the cancellation of oil licenses granted by the Norwegian state in the Arctic. The case is being watched closely in a country that owes its vast wealth to its abundant oil and gas reserves, as it could impact its future oil production. Greenpeace and Natur og Ungdom have already had their complaint dismissed by two lower courts, and have appealed to Norway's highest court to cancel the Barents Sea ... read more