Latest news with #Decarbonisation
Sky News
a day ago
- Business
- Sky News
Energy Asia: Government, industry urge swift energy transition
Energy Asia 2025 concluded with a resounding call for urgent, inclusive and actionable delivery of the energy transition. Held in Kuala Lumpur from 16 to 18 June, the conference drew more than 4,000 delegates from 60 countries and 38 industries to discuss how the region can balance rising energy demand with decarbonisation targets under the theme 'Delivering Asia's Energy Transition'. With over 180 speakers and more than 150 sessions, Energy Asia marked a step change in how the region approaches the energy transition - not as a future ambition, but as an immediate priority requiring delivery at scale. The second edition of Energy Asia was officially launched by the Prime Minister of Malaysia, Dato' Seri Anwar Ibrahim, and hosted by PETRONAS in partnership with CERAWeek by S&P Global. From the opening keynote to the final sessions, discussions were centred around the knotty conundrum of meeting growing energy demand while advancing the Asian energy ecosystem through decarbonisation, economic development, and social equity. Call for greater collaboration and investments Asia's energy transition is uniquely complex. Nations must expand access for growing populations while cutting emissions, making planning and investment more challenging. Collaboration is key to effectively address the energy transition, not just across conventional energy players, but also industry leaders in cleantech and renewables, power and utilities, finances and logistics, as well as policymakers and authorities. The Malaysian Prime Minister underscored that while most Southeast Asian nations have committed to net-zero targets, clean energy investment remains disproportionately low - just 2% of global spending in 2023, despite the region consuming half the world's energy. Tengku Muhammad Taufik, PETRONAS chief executive officer and Energy Asia Chairman, stressed the need for regionally specific solutions amid growing disruptions. He also called for a balance to be struck between sustainability and energy security, noting over 350 million Asians still lack reliable electricity. "The objective of Energy Asia 2025 is to address the realities of the energy transition within the context of this region," Mr Muhammad Taufik said in an interview after the conference. "The perspectives aired over the past three days have successfully highlighted the existing and emerging challenges faced and underscored the imperative to build a resilient energy system." He added that Asia stood firm in its "pragmatic and collaborative approach in shaping a just and equitable energy future for more than half of the global population." "Beyond the thought leadership that was front and centre at the conference, Energy Asia 2025 also witnessed the formation of numerous new initiatives and partnerships, that are positioned to deliver real outcomes for the region," Mr Muhammad Taufik said. Speakers also emphasised the evolving role of energy demand driven by artificial intelligence and digital infrastructure. The conference featured speakers including OPEC Secretary General Haitham Al Ghais, Saudi Aramco CEO Amin Nasser, and TotalEnergies Chairman Patrick Pouyanné. Delivering Asia's energy transition Energy Asia went beyond conversations. The conference marked the signing of 14 memoranda of understanding and several major partnership announcements between some of the world's largest energy companies. PETRONAS, Malaysia's state oil company, announced a strategic cooperation agreement with French energy giant TotalEnergies to expand upstream operations in Malaysia. The Malaysian company also signed a framework agreement with Italy's Eni to explore regional upstream joint ventures, and reached a liquefied natural gas supply deal with Commonwealth LNG to diversify exports to the United States. Other significant announcements included PETRONAS's agreement with Japan's JERA to collaborate across the gas value chain, supporting Japan's energy security objectives. PETRONAS also announced plans for an Energy Transition Academy to train workers for low-carbon industries. Focus on Carbon Capture Technology Several initiatives launched at the conference target carbon capture and storage technology. PETRONAS announced the formation of Jules Nautica, a joint venture with shipping companies MISC Berhad and Mitsui O.S.K. Lines to operate vessels that transport liquefied carbon dioxide for storage projects. The company also launched what it calls the Blue Carbon Collective, a research partnership with Mercedes-AMG PETRONAS Formula 1 Team and universities in Brazil and Malaysia to study mangrove-based carbon capture methods. EAGLe Forum Produces Sturdy Framework A landmark feature of this year's conference was the inaugural Energy Asia Global Leadership Executive Forum (EAGLe), a closed-door gathering of over 30 global CEOs and C-suite leaders from energy, finance, technology, and professional services. This high-level dialogue produced alignment on four critical areas of action: building resilient energy systems - sharing best practices for energy system resilience; improving project financing; reducing emissions whilst delivering social benefits; and accelerating technology deployment. The forum, held under Chatham House rule, marked the first time such a gathering has taken place in Asia focused specifically on energy transition challenges. Energy Park: Where innovation and collaboration converge The accompanying Energy Park exhibition attracted nearly 14,000 visitors over three days, showcasing emerging technologies from carbon capture systems to renewable energy platforms. Conference organisers said the 52 corporate sponsors and high attendance demonstrated strong industry support for collaborative approaches to energy transition. Asia accounts for more than half of global energy consumption and a similar proportion of carbon emissions. The region's approach to energy transition will significantly influence whether global climate targets can be met, according to energy analysts.
Zawya
21-07-2025
- Business
- Zawya
Oman's Sur hydrogen cluster study advances
The Sur Hydrogen Cluster and Energy Transition Study – an initiative designed to support the decarbonisation of major industries in the Sur industrial hub – is set to enter the detailed feasibility stage, according to Oman LNG. The initiative integrates large-scale renewables and green hydrogen production, enabling a range of industrial, petrochemical, and energy projects operating in the Southern Sur city to achieve their Net Zero goals. During its preliminary stage, the Sustainable Energy Research Centre (SERC) at Sultan Qaboos University (SQU), along with the Oman Hydrogen Alliance (Hy-Fly), assessed the technical, economic, and partnership frameworks required to position Sur as a hydrogen export and low-carbon fuel hub aligned with Oman's national energy transition ambitions, said Oman LNG, which is spearheading the project. Also participating in the initiative are Phoenix Power Oman (operator of Sur IPP), Oman India Fertiliser Company (OMIFCO), OQ Gas Networks (OQGN), OQ Alternative Energy, and Madayn – the authority administering Sur Industrial City. 'We recently held a framing session with our key partners – OMIFCO, OQGN, and OQAE – to shape the Sur Hydrogen and Energy Transition Cluster Study. We are now finalising the scope of work, which will be followed by the tendering process for a detailed feasibility study, expected to commence in the second quarter of 2025, with the Oman Energy Association (OPAL) managing the tender. This initiative is part of our broader commitment to advancing Oman's position as a leader in green hydrogen and energy transition,' said Oman LNG. The project envisions the use of renewable energy to produce green hydrogen, which will serve as a fuel resource for project stakeholders. This shift will displace significant volumes of natural gas currently used as fuel and feedstock by Sur-based industries. The freed-up gas could then be redirected by Oman LNG for liquefaction and export. An output of around 487 tonnes per day of low-carbon hydrogen is anticipated if and when the Sur Hydrogen Cluster is fully implemented. In addition to the cluster initiative, Oman LNG is also weighing a host of schemes to support its energy transition, energy efficiency, and decarbonisation goals. 'Key initiatives for the year include developing a FEED package for the power import project, finalising green power sourcing concepts with a robust commercial model, and conducting comprehensive assessments to enhance energy efficiency,' it said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Reuters
22-05-2025
- Business
- Reuters
EU asks 44 oil and gas producers to provide new CO2 storage solutions
BRUSSELS, May 22 (Reuters) - The European Commission said on Thursday it had asked 44 oil and gas companies to contribute to the EU's collective target of storing at least 50 million tonnes of CO2 per year by 2030, as part of the bloc's aim to achieve climate neutrality. The companies are required to participate to the EU target in proportion to their share of the Union's crude oil and natural gas production from 2020 and 2023, the Commission said in a statement. "Having extracted hydrocarbons and contributing to greenhouse gas emissions, (the European oil and gas industry) will now contribute to storing CO2 and help mitigate climate change," said Kurt Vandenberghe, head of the Commission's directorate general for climate action. "By combining their industrial know-how with faster permitting processes and robust financial support - including from the ETS-resourced Innovation Fund - we can make substantial progress in advancing industrial decarbonisation and modernisation in Europe," he added.
Zawya
08-05-2025
- Business
- Zawya
EMSTEEL launches green finance framework to accelerate sustainable growth
EMSTEEL today announced the launch of its first Green Finance Framework, an initiative that marks a pivotal step in aligning the Group's financial strategy with its long-term sustainability and decarbonisation goals, positioning EMSTEEL at the forefront of sustainable finance in the region. The Framework enables EMSTEEL and its subsidiaries to issue a variety of green finance instruments-including green bonds, loans, commercial papers, and medium-term notes (MTNs)-across multiple currencies. Proceeds will be exclusively allocated to finance or refinance eligible green projects that meet stringent environmental criteria. These projects include low-carbon steel and cement production, renewable energy installations such as solar photovoltaic systems, energy-efficient technologies, and innovations driving decarbonisation. Commenting on the launch, Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL, stated, 'Our Green Finance Framework is more than a financial tool – it is a strategic lever to accelerate our transition towards a low-carbon future. It reflects our commitment to aligning our fund raising activities with internationally recognised market standards for green financing and channelling funds toward environmentally responsible projects. Through this initiative, we aim to support the decarbonisation of our operations, foster innovation in low-carbon steelmaking and create long-term value for our shareholders, society, and the planet.' Mark Tonkens, Group Chief Financial Officer, said, 'The launch of our Green Finance Framework marks a pivotal step in reinforcing EMSTEEL's commitment to sustainability. Aligning our financial strategy with global green finance standards enables us to secure funding for high-impact projects and positions us as a leader in the region's transition to a low-carbon economy." Developed in accordance with internationally recognised best practices, the Framework ensures a robust and transparent approach to the issuance, management, and reporting of green finance instruments. Moody's Ratings has provided a Second Party Opinion (SPO), awarding the Framework a Sustainability Quality Score of SQS2 (Very Good), enhancing investor confidence in EMSTEEL's sustainability-focused capital strategy. The Framework's development was supported by key partners, including ING as Lead Sustainability Structuring Bank and First Abu Dhabi Bank (FAB) as Sustainability Structuring Bank, highlighting strong regional collaboration in advancing sustainable finance, highlightin
Zawya
08-05-2025
- Business
- Zawya
EMSTEEL launches green finance framework to accelerate sustainable growth and advance net zero ambitions
Abu Dhabi, United Arab Emirates: EMSTEEL (ADX: EMSTEEL) ('the Group'), one of the largest publicly traded steel and building materials manufacturers in the region, today announced the launch of its first Green Finance Framework. This initiative marks a pivotal step in aligning the Group's financial strategy with its long-term sustainability and decarbonisation goals, positioning EMSTEEL at the forefront of sustainable finance in the region. The Framework enables EMSTEEL and its subsidiaries to issue a variety of green finance instruments-including green bonds, loans, commercial papers, and medium-term notes (MTNs)-across multiple currencies. Proceeds will be exclusively allocated to finance or refinance eligible green projects that meet stringent environmental criteria. These projects include low-carbon steel and cement production, renewable energy installations such as solar photovoltaic systems, energy-efficient technologies, and innovations driving decarbonisation. Commenting on the launch, Engineer Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL, stated, 'Our Green Finance Framework is more than a financial tool – it is a strategic lever to accelerate our transition towards a low-carbon future. It reflects our commitment to aligning our fund raising activities with internationally recognised market standards for green financing and channelling funds toward environmentally responsible projects. Through this initiative, we aim to support the decarbonisation of our operations, foster innovation in low-carbon steelmaking and create long-term value for our shareholders, society, and the planet.' Mark Tonkens, Group Chief Financial Officer, said: 'The launch of our Green Finance Framework marks a pivotal step in reinforcing EMSTEEL's commitment to sustainability. Aligning our financial strategy with global green finance standards enables us to secure funding for high-impact projects and positions us as a leader in the region's transition to a low-carbon economy." Developed in accordance with internationally recognised best practices, the Framework ensures a robust and transparent approach to the issuance, management, and reporting of green finance instruments. Moody's Ratings has provided a Second Party Opinion (SPO), awarding the Framework a Sustainability Quality Score of SQS2 (Very Good), enhancing investor confidence in EMSTEEL's sustainability-focused capital strategy. The Framework's development was supported by key partners, including ING as Lead Sustainability Structuring Bank and First Abu Dhabi Bank (FAB) as Sustainability Structuring Bank, highlighting strong regional collaboration in advancing sustainable finance, highlighting strong regional collaboration in advancing sustainable finance. The Green Finance Framework is a cornerstone of EMSTEEL's broader Environmental, Social, and Governance (ESG) strategy. It supports ambitious targets to reduce greenhouse gas emissions by 40% in steel production and 30% in cement production by 2030. About EMSTEEL EMSTEEL is a public joint stock company (ADX: EMSTEEL) and the UAE's largest steel and building materials manufacturer. The Group leverages cutting-edge technologies to supply both the local market and over 70 international markets with high-quality finished products, creating a one-stop shop for the manufacturing and construction sectors. EMSTEEL is committed to contributing to the UAE's industrial strategy 'Operation 300 billion' by delivering market-leading products to support local industries, creating job opportunities for UAE Nationals, and enhancing its sustainable practices. The Group is a global leader in low-carbon steel production and is aligned with the UAE's Net Zero by 2050 Strategic Initiative. Headquartered in Abu Dhabi, EMSTEEL operates 16 state-of-the-art plants, with a production capacity of 3.5 million tonnes of steel and 4.6 million tonnes of cement annually, fueling the nation's most iconic projects. EMSTEEL is majority owned by ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy.
