PETRONAS and key ASEAN energy players met yesterday at the inaugural virtual ASEAN Energy Sector Methane Roundtable 2021 to discuss opportunities to intensify collaboration on methane emissions management in the region by leveraging collective capabilities, global best practices and insights.
The Roundtable hosted by PETRONAS and supported by Thailand’s PTT Public Company Limited (PTT) on 26 October was part of an effort to raise awareness and champion the climate change agenda in the region, ahead of the United Nations (UN) Climate Change Conference (COP26) this November.
It was attended by participants from PETRONAS, PTT, PERTAMINA and Shell as well as those from international organisations such as the United Kingdom Oil and Gas Industry Association Limited (OGUK), International Energy Agency (IEA), World Bank Group, the UN Environment Programme (UNEP) and Methane Guiding Principles (MGP).
In his welcoming address, PETRONAS President and Group CEO Tengku Muhammad Taufik said it is imperative for ASEAN to embrace a transition strategy that is responsible and equitable to ensure the sustainability of its energy system.
“ASEAN has the potential to showcase itself as an effective regional collaboration in reducing GHG emissions. Through coordinated actions under the Roundtable, we can undertake more deliberate steps in addressing our collective methane emissions towards supporting the National Determined Contributions of our nations.”
PTT President and CEO Auttapol Rerkpiboon said in his speech, “The community of practice like ASEAN Methane Roundtable will improve methane emission management by sharing best practices and developing methane guiding principles. Another important element is enforcing necessary methane regulation in each country.”
According to the recent Intergovernmental Panel on Climate Change’s Sixth Assessment Report, methane is a short-lived climate pollutant that has more than 80 times the global warming potential of carbon dioxide over a 20 years’ period. Cutting methane emissions is an important opportunity to immediately slow the rate of global warming. As one of the man-made methane emission sources is from the oil and gas industry, it is important for the key players in the region to reduce methane emissions swiftly while managing the complex energy transition journey.
The ASEAN energy players are committed to encourage and promote technical knowledge sharing to improve their practices and be transparent about their performance, aligned with internationally recognised frameworks and standards, in contributing towards a sustainable future.
A series of roundtables will be held bi-annually over the next five years, hosted and championed by the energy players in ASEAN. The platform will leverage best practices that will help to inform policy development and industrial practices around methane emissions management.