,TNB CEO Baharin Din: Under the Sustainable Pathway, our ambition is to reduce our carbon emission intensity by 35% and cut 50% of our coal-generation capacity by 2035. Eventually, we want to have zero emissions by 2050.
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ENVIRONMENTAL, social and governance or ESG is growing in importance globally. A crucial part of this relates to renewable energy (RE) and its production, consumption and increasing importance being given to it by global investors.
Last week, utility giant Tenaga Nasional Bhd (TNB) rolled out a 30-year roadmap it has dubbed its “Sustainability Pathway”.
It aims to reduce its carbon emissions to zero and intends to achieve this by adding more RE assets and gradually retiring coal-fired power plants while finding new ways to create cleaner energy production.
In an exclusive interview with StarBizWeek, TNB’s newly appointed president and CEO Datuk Baharin Din shares his thoughts about capturing the seismic energy transition globally, how innovations will support the group’s decarbonisation plan and future-proofing TNB.
Below are excerpts of the virtual interview:
SBW: One of the toughest questions facing traditional energy companies is how they are dealing with the global shift towards a low-carbon economy. How is TNB’s “Sustainability Pathway” plan addressing this?
Baharin: Under the Sustainable Pathway, our ambition is to reduce our carbon emission intensity by 35% and cut 50% of our coal-generation capacity by 2035. Eventually, we want to have zero emissions by 2050.
It is a bold move towards the decarbonisation of the group. RE is the future of providing reliable and efficient energy for a better and brighter tomorrow.
We have already stated that TNB will no longer build any greenfield coal-fired power plants and that we will phase out coal gradually. We will be investing in smart power grids.
It is a clear path and priority for TNB. While we expect it is going to be a challenging road ahead, it will also be rewarding as we are working towards a better world.
Under the Sustainable Pathway plan, TNB is aiming to double its RE capacity to more than 8,500MW by 2025. One of the strategies highlighted is the acquisition of overseas assets. Can you elaborate?
More funds will be channelled towards building up assets in the RE sector, especially in solar and wind power generation.
But we won’t simply pump in money without making sure the return is within the threshold that we have agreed on.
In Malaysia, the market is quite small as we are aiming to achieve 8,500MW. So we have to go overseas. Given our RE targets, the space to grow in Malaysia alone is limited and therefore we are looking beyond Malaysia to meet our targets.
The target market will mainly be in Europe. In addition, we are also looking for opportunities in the region. We are also looking for potential partnerships to tap into the South-East Asian market.