Tenaga Nasional Berhad (TNB) today announced its sustainability pathway with an aspiration to achieve net zero emissions by 2050, in a bold move towards decarbonisation and Renewable Energy (RE).
“This new pathway is a clearer manifestation of TNB’s sustainability journey which began in 2016 with the launch of the Reimagining TNB strategic plan. Today’s commitment provides further clarity towards TNB’s sustainability path over the next 30 years,” said TNB President and Chief Executive Officer, Datuk Ir. Baharin Din.
Baharin revealed TNB’s sustainability pathway on the sidelines of its First Half Financial Year 2021 (1HFY2021) announcement today.
Under its sustainability pathway, TNB aspires to achieve net zero emissions by 2050. This aspiration is underpinned by a commitment to reduce 35% of its emissions intensity as well as 50% of its coal generation capacity by 2035.
In addition, TNB has pledged to ensure its revenue from coal generation plants does not exceed 25% of its total revenue. The company had earlier this year committed to no longer investing in greenfield coal plants after Jimah East Power which was commissioned in 2019, while existing plants will be phased out on expiry of their power purchase agreement (PPA).
“Leading up to the 2035 commitment, we will continue to improve efficiency at our existing thermal plants, and build up scale in our renewable generation portfolio. Our target is to achieve 8,300MW of RE by 2025,” added Baharin.
“We believe that an inflection point between 2035 and 2040 will determine the speed of our net zero trajectory. Hence, building up towards that point, TNB is dedicated to develop energy storage solutions and is already in discussions with the Government to implement this as an enabler for RE growth. TNB is also committed to accelerate investments in emerging green technologies like green hydrogen, and carbon capture and utilisation (CCU) – as soon as it becomes economically viable,” added Baharin.
TNB remains committed to the Government’s green agenda and Malay
sia’s commitment to reduce Greenhouse Gas (GHG) emission intensity of gross domestic product (GDP) by 45% by 2030, relative to the 2005 baseline.
“TNB’s Sustainability Pathway supports the nation’s RE plan to increase the share of green energy in its power capacity mix. Our domestic capacity plan is in tandem with the Peninsular Malaysia Generation Development Plan, based on considerations to balance the energy trilemma. The focus of our international business will be to grow our overall RE portfolio and serve as the pathfinder for green technologies which we can eventually adopt in Malaysia,” added Baharin.
“We are committed to this sustainability pathway that is firmly anchored on TNB’s purpose “Better World · Brighter Lives”. The initiatives and resource that will go towards achieving our ambitious goals, will be part of TNB’s investment towards a greener, healthier, more sustainable future for the next generation,” he said.