Corporate giants highlight green tech steps on path to net zero carbon emissions

The showcase was part of the second “Thailand Climate Action Conference: Business Solutions for Carbon Neutruality”, where PTT and Siam Cement Group (SCG) representatives unveiled their latest steps in their journey to achieve carbon neutrality by 2030 and net zero carbon emissions by 2050.

As the country's leading conglomerate in the energy industry, PTT Exploration and Production (PTTEP) CEO Montri Rawanchaikul said the green technology that his company is currently implementing is Carbon Capture and Storage (CCS), a proven technology from developed countries that helped reduce carbon emissions.

He described CCS as a process that separates, treats, and transports a relatively pure stream of carbon dioxide from industrial sources to a long-term storage location.

There are currently more than 300 CCS projects underway around the world.

"At the moment, it is the most viable solution for reducing carbon emissions. With this CCS technology, PTTEP believes it will achieve its carbon neutrality and net zero goals," he said.

However, he acknowledged that the process was not simple because PTTEP and the country must capture and store around 40 million tonnes of carbon per year in order to meet the target.

As a result, PTTEP must invest several tens of millions of baht in CCS technology in order to meet the target, in addition to implementing other green solutions such as planting trees, waste management, reducing reliance on fossil fuels, and increasing the use of renewable energy, he pointed out.

He additionally noted that as the world enters the transition period to avoid a global climate crisis, moving towards clean energy is an urgent requirement that PTTEP is prioritising right now.

He said PTTEP is experimenting with carbon storage from the production of natural gas from the Arthit field in the Gulf of Thailand. The goal is to store 1 million tonnes of carbon per year by 2027, with a US$300-$400 million investment.

"The success of the Athit field project would prove the efficiency of CCS technology that would finally encourage other companies nationwide to adopt it," he said.

He emphasised that the country's carbon neutrality and net zero goal targets could not be realised without the support of the government sector.

To make this project a reality, he urged the government to create a clear and concise mechanism for carbon credits and carbon taxation, as well as strong regulations to ensure carbon storage and other related standards.

Chana Poomee, SCG’s chief sustainability officer and chairman of the Thai Cement Manufacturers Association, said the legal framework and benefits are critical in assisting countries and businesses in turning climate change challenges into opportunities.

Norway, for example, has the Northern Lights project to support carbon sequestration from EU countries, or the Inflation Reduction Act, which caused massive capital movements to the United States, he said.

SCG, for its part, aims to reduce greenhouse gas emissions by 25% by 2030 from 2020 levels, which would be a higher rate of progress than Thailand's target and does not pose a burden to the overall picture.

He pointed out that the next business growth model must come from a company that can grow with less carbon emissions.

Meanwhile, Worapong Nakchatree, PTT executive vice president of sustainability management, pointed out that three things must be accomplished if Thailand wanted to achieve Net Zero by 2050:

• Increase the proportion of renewable energy from 17% to 50%,
• Increase the proportion of electric vehicle production from 10% to 30%, and,
• Increase energy efficiency by 30% by 2037.

"PTT Group has invested more than 200 billion baht in the energy business for the future and other areas, such as energy storage, since 2020. Businesses in the electric vehicle supply chain, hydrogen energy, life sciences, and so on, with the goal of growing from green businesses and reducing greenhouse gas emissions by 15% by 2030, from the current total annual emissions of 10 million tonnes," he said.

Moreover, in order to reach the carbon neutrality goal by 2040 and net zero by 2050, he said the PTT Group had rolled out a strategy of “3 accelerations” consisting of: accelerating production process adjustments; accelerating business transformation to environmentally friendly businesses; and, accelerating planting an additional 2 million rai [around 4.74 acres] of forest.

“In the past 30 years, PTT has already planted 1 million rai of forest [around 395,368 acres], which helped reduce the amount of carbon released into the atmosphere by a total of 32 million tonnes," he added.

Since oil and gas consumption now accounts for at least 70% of global warming, he emphasised the importance of managing the energy transition to a carbon-free society.

Gas and fossil fuels would be needed until there is stable clean energy on which the planet can rely, he noted.

The second Thailand Climate Action Conference (TCAC 2023) is being held on October 6-7 at Thailand's Queen Sirikit National Convention Centre and is part of the "SX Sustainability Expo 2023", Asean's largest sustainability expo, which concludes on October 8.