'Daunting' task for industry

摘要

THE energy transition is a "daunting" prospect for upstream players, according to the chief executive of Malaysia's national oil company Petronas. Referring to the recent UN Intergovernmental Panel on Climate Change (IPCC) reports, Tengku Muhammad Taufik Tengku Aziz acknowledged the risks of global warming, but cautioned that the world cannot move at one speed on the energy transition path considering the different economic circumstances of different nations. "We know that post-2015 in the Paris Agreement, many countries have made commitments. But as we approach November 2021, where everyone converges in Glasgow [for COP26] and sets new ambitions, we are going to have to find a pathway that everybody can embrace and everybody can execute," he told media after announcing the company's half-year results. While aims to cap all future carbon emissions to 300 giga-tonnes represent a drastic raising of the bar, uncertainty over whether the strength and sus-tainability of the current economic rebound and the challenges that oil and gas players are facing with the increasing pace of the energy transition make meeting that goal a "daunting" prospect, he said.