With the recent global stocktake (GST) outcomes published during the UN Climate Change Conference (COP28), leaders within various industries are increasingly immersing themselves in the exploration of corporate climate strategies and high-impact solutions for the reduction of global greenhouse gas emissions. This “Delivering the ‘Net’ in Net-Zero: Discourse & Workshop Series” conceptualizes bridging existing knowledge gaps of carbon removal concepts and strategies as businesses embark on their net-zero transition.

Conducted collaboratively by the Business Councils for Sustainable Development (BCSD) Malaysia​and the World Business Councils for Sustainable Development (WBCSD)​, the discourse series aims to explore topics central to carbon removal strategies. This includes carbon dioxide removal (CDR), carbon capture, utilization, and storage (CCUS). To provide further context, CDR refers to approaches that remove carbon dioxide from the atmosphere using a wide array of approaches. This includes direct air capture (DAC) coupled with durable storage, soil carbon sequestration, biomass carbon removal and storage, enhanced mineralization, ocean-based CDR, and afforestation/reforestation.

The session commenced with insightful opening remarks by Joe Phelan (WBCSD), emphasizing the critical importance of deep emissions reductions, carbon removals, and adaptation in combating global warming. Phelan underscored the necessity for carbon removals to complement decarbonization efforts, stressing the urgency of local leadership to effect global change, limit temperature rise, and ensure a sustainable future for all.

Structured into two distinct sections, the event delved into pivotal topics surrounding the transition to net-zero and carbon offset strategies.

Session 1: Understanding Net-zero Transition  

The first session meticulously examined the key terms, relevant targets as well as the various methodologies recognized by IPCC, IEA, and other key research organizations in achieving the climate goals in the Paris Agreement. Speakers Roberto Benetello (BCSD Malaysia) and Neal Gray-Wannell (WBCSD) elucidated these concepts, leading to a dynamic panel discussion moderated by Celine Ng (BCSD Malaysia).
Session 2: Net Zero Transition in Malaysia: Trends, Challenges, Opportunities
The second session further explored the industry’s decarbonization strategies that aligned with net-zero commitments, where our invited speakers provided insights into carbon removal at sector-specific cases for added depth, including foresight studies in the Malaysian context. The speakers are, Wan Muqtadir (BSI Malaysia), Diego Hopkins (PETRONAS Malaysia), and Ts. Mohamad Azreen Firdaus Bin Abd Aziz (MIGHT). The panel session was moderated by Emily Oi (BCSD Malaysia).
Closing Remarks: Informed Intuitions for Carbon Removal Transition
Capping off the event, Celine Ng emphasized the importance of informed decision-making at both individual and corporate levels. She urged companies and financial institutions to take proactive steps towards achieving a nature-positive planet by 2030. Ng encouraged readiness for an impending robust carbon market, ensuring preparedness and strategic positioning for future endeavors.

As we reflect on the insights shared during the discourse, it’s crucial to recognize the collective responsibility we hold in addressing climate change. The key takeaway from this event is the imperative for decisive action toward carbon emissions reductions, carbon removals, and adaptation measures. We must embrace a holistic approach, combining decarbonization efforts with targeted strategies for carbon removal, all while fostering local leadership to drive global impact. By understanding and implementing these principles, we can pave the way towards a sustainable future, where every individual, corporation, and institution plays a vital role in preserving our planet for generations to come.


What do you think about enhanced weathering technology in Agriculture land can be added to the solutions in capturing carbon?

This is also a very exciting opportunity for truly permanent removal, providing agricultural benefits. There is still work to be done to assess the side impacts but this is a really promising solution with a large capacity potential.

Would it be possible to get an update on Petronas's initiatives on Ammonia, SAFs and HVO production as lower-emission fuels?

Currently, PETRONAS is planning to expand SAF supply. Through PETRONAS Dagangan, we will supply more than 200,000 tonnes of SAF to Malaysia Aviation Group by 2027. It’s still a small amount compared to what the market needs but we are also creating partnerships to accelerate and improve SAF production but also other biofuels. For instance, we’re aiming to have the capacity for large-scale production of SAF and other biofuels (including HVO in Pengerang) by 2026 through our biorefinery in Pengerang, Johor and co-processing in Melaka. On ammonia, through PCG (PETRONAS Chemicals Group) we have 4 ammonia plants in Malaysia (Terengganu, Kedah, Sabah, and Sarawak), all of them producing more than 2 million tons of ammonia. We are also trying to create more partnerships in this space to scale up production.