Oil is one of the most valuable natural resources on the planet, with applications ranging from transportation fuels to cosmetics.
As a result, many nations have decided to nationalize their oil supply. This provides them with more control over their oil reserves as well as additional cash streams.
Nationalization frequently entails the establishment of a national oil company to control the country's energy operations.
National oil firms are a prominent player in the global energy market, with around three-quarters of the world's oil reserves under their hands.
As a result, many have landed on the Fortune Global 500 list, which ranks the 500 largest firms in the world by revenue.
Malaysia's Petronas stated its ambition to attain net-zero carbon emissions by 2050 in November 2020. The Malaysian government owns 100% of Petronas, which is the country's only entry on the Fortune Global 500.
Petroliam Nasional Bhd (Petronas) aspires to reduce greenhouse gas emissions to 49.5 million tonnes CO2 equivalent by 2024 and increase renewable investments in the future to fulfill greater sustainability targets.
"On renewables, our goal is to reach 3,000MW of installed renewable energy (RE) capacity by 2024, and we will continue to expand our investments in this area," said Charlotte Wolff-Bye, the state oil firm's chief sustainability officer, in an email to The Malaysian Reserve.
According to Wolff-Bye, the company is seeking the optimum portfolio mix to help it achieve its energy transition goals. Wolff-Bye also stated that any claims of greenwashing must be taken seriously by firms.
"As we develop a common vision for the future that will deliver an energy system that is free of emissions and a transition that creates better prospects for green and inclusive growth, with more opportunities for more people," she said.
"Petronas must fosteris critical for Petronas to foster good and open channels for dialogue across society and with stakeholders, as we develop a common vision for the future that will deliver an energy system that is free of emissions and a transition that creates better prospects for green and inclusive growth, with more opportunities for more people.
Source: The Malaysian Reserve, VisualCapitalist.com