Asia Needs to Achieve Net Zero Before the World Can Do So

According to the CEO of Malaysia’s state-owned oil and gas company Petronas, Asia needs to achieve net zero before the world can do so. Tengku Muhammad Taufik explained during the Energy Asia summit in Kuala Lumpur that the bulk of emissions expected to be produced in the future will come from Asia. He emphasized that the world cannot achieve net zero without Asia achieving net zero because Asia will represent half of global GDP and 40% of global consumption by 2040.

The Importance of Collaboration for Energy Transition Goals

Taufik highlighted that the energy transition goals of the Paris Agreement cannot be accomplished by one industry, one set of policymakers, or one country alone. Collaboration is essential to achieve these targets and ensure a sustainable future for our planet.

Asia’s Growing Emissions and the Role of Coal-fired Power Generation

According to a March report by the International Energy Agency, emissions from Asia’s developing economies and emerging markets increased by 4.2% in 2022, with more than half of this increase attributed to coal-fired power generation. This emphasizes the need for Asia to take action in reducing its emissions and transitioning to cleaner energy sources.

Challenging the Narrative of Complete Decarbonization

Taufik argues that seeking to completely abandon fossil fuels or achieve complete decarbonization overnight is an idealist’s narrative. He believes that including fossil fuels as part of the energy base, at least for the first half of the century, is necessary to ensure a smooth transition and avoid energy supply shocks. The world needs to consider the full ecosystem and address minerals, metals, and supply chain issues associated with implementing a decarbonized system.

The Need for a Balanced Approach

Taufik urges against abandoning fossil fuels in an extreme fashion without allowing the industry to address emissions challenges. He points out that the world remains highly reliant on fossil fuels, with their share in the global energy mix stubbornly high at around 80% for decades. Natural gas, in particular, can serve as a transition fuel or even a destination fuel due to its baseload security and certainty, especially in overcoming intermittency issues associated with renewables.

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