In the austere occasion of the “Thailand Climate Action Conference: Business Solutions for Carbon Neutrality”, two significant representatives from corporate giants Siam Cement Group (SCG) and PTT unveiled their progressive measures to attain a milestone of carbon neutrality by 2030, and then aim for the zenith of net-zero carbon emissions by 2050.
Exemplifying the forte of Thailand’s energy industry, the CEO of PTT Exploration and Production (PTTEP), Mr. Montri Rawanchaikul, passionately detailed about their anchoring technique towards attaining this ambitious goal – Carbon Capture and Storage (CCS). This evolved technology, he claimed, was a prosperous contribution by developed nations aiming to trim global carbon emissions.
He elucidated CCS as a highly-goaled process that efficiently channels relatively pure carbon dioxide emission from industrial titans to facilities meant for their long-term storage. He emphasized that over 300 noteworthy CCS initiatives are actively operational worldwide.
Montri confidently endorsed CCS technology calling it the most attainable avenue for significantly axing carbon emissions, and the key to achieving PTTEP’s ambitious goals. Undertaking this massive feat is not a cakewalk, as PTTEP and Thailand need to capture and stow approximately 40 million tonnes of carbon annually to realize this goal.
He also pointed out that PTTEP has committed several millions of baht towards CCS technology. There is also the additional burden of embracing greener solutions like recycling waste, cultivating trees, cutting down the dependency on fossil fuels, and upscaling the use of renewable energy forms.
He added that their proactive efforts to contain an impending climate crisis and explore cleaner energy avenues are an urgent need that PTTEP is chasing currently. For instance, PTTEP is testing the potential of natural gas carbon storage from the Arthit field in the Gulf of Thailand, with aspirations to store 1 million tonnes of carbon annually by 2027, backed by a robust investment of US$300-US$400 million.
He affirmed that the success of this project could hold as a testament to CCS’s efficiency and establish faith in other national industries to adopt this technology. He emphasized that these ambitious goals cannot be fulfilled without steadfast government support and laws around carbon taxation, carbon credits, and other related standards to guarantee stable carbon storage.
Contributing to the discussion, Mr. Chana Poomee, SCG’s Chief Sustainability Officer, highlighted the importance of a legal framework and incentives in transforming climate change challenges into lucrative opportunities. He hailed Norway’s Northern Lights project pioneer in supporting carbon sequestration from EU states, along with the Inflation Reduction Act assuring significant capital inflows to the US.
SCG, he added, aims for a 25% reduction in greenhouse gas emissions by 2030 compared to 2020 levels, which is indeed a commendable stride ahead of Thailand’s national targets.
Worapong Nakchatree, PTT’s Executive Vice president of sustainability management, pointed out that Thailand’s ambitious goal of Net Zero by 2050 is contingent on achieving three pivotal things – increasing renewable energy usage to 50%, elevating electric vehicle production to 30% and enhancing energy efficiency by a substantial 30% by 2037. Since 2020, he noted, PTT group has channelled an investment of over 200 billion baht in various sectors, including energy storage, electric vehicle supply chain, hydrogen energy, and life sciences. PTT targets to slash its current total annual emissions of 10 million tonnes by 15% by 2030.
Moreover, to attain the noble goal of carbon neutrality by 2040 and a complete net-zero by 2050, PTT has launched their three-pronged strategy of ‘3 accelerations.’ It comprises accelerating changes in production processes, hastening transformation into environmental-friendly industries, and speeding the planting of about 2 million rai (approx. 4.74 acres) of forests.
Over the past three decades, PTT has planted about 1 million rai of forest (approx. 395,368 acres) contributing to a reduction of a whopping 32 million tonnes of carbon from the atmosphere. Looking at the fact that a minimum of 70% of global warming is being fuelled by oil and gas consumption, a strategic transition to energy management towards a carbon-free society has become an imperative.
The second edition of the Thailand Climate Action Conference (TCAC) is slated for 6th and 7th October at the prestigious Queen Sirikit National Convention Centre, Thailand. It is also a part of the grandeur “SX Sustainability Expo 2023”, the largest sustainability expo of ASEAN, culminating on the 8th of October.
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