‘Global energy transition push anchored in Asia’

KUALA LUMPUR – Asian countries, including the Philippines, stand at the forefront of the global shift toward a cleaner, low-carbon future, according to a top executive of Malaysia’s state-owned oil and gas firm Petronas.

“Asia will play a pivotal and central role in delivering this global ambition,” Petronas president and group CEO Tan Sri Tengku Muhammad Taufik said yesterday here at the opening of the 2025 Energy Asia.

“For the world’s energy transition to be possible, the stage must be set for Asia to build upon our achievements and accelerate our progress from where we stand today, as the center of energy demand growth where opportunities are abundant,” he said.

However, despite the region’s stronger push to deploy renewables, fossil fuels still account for over 80 percent of Asia’s energy mix, according to data from the International Energy Agency.

As such, the Petronas official urged Asian countries to diversify their energy mix, building a more balanced portfolio of renewable energy and low-emissions options to achieve energy security amid rising power demand.

The region, he said, should also scale up energy investments to ensure long-term power availability and affordability.

Tengku Muhammad Taufik estimates that Asia needs about $88.7 trillion in investments to achieve its growth ambitions and net zero goals by 2050.

“Governments, financial institutions and industries must work together to implement policies and frameworks that help unlock capital for energy projects, especially in emerging and developing economies where it is most needed,” he said.

As part of its net-zero commitment, Petronas aims to develop up to 30 gigawatts of solar capacity by 2030 while also exploring opportunities in wind and battery storage.

“We are looking for good projects and good partners. We very much want to be a regional player, and we have some good investments in various countries already,” Petronas vice president and group chief sustainability officer Charlotte Wolff-Bye told The STAR.

Asked about potential plans to invest in the Philippines, Wolff-Bye said, “If there are good (market) conditions… I’m sure we’re very open to looking at any of the investment opportunities.”

Last year, the Philippines emerged as the second most attractive hub for renewable power investments globally due to its effective implementation of investor-friendly energy policies.