SCG and PETRONAS Co-Chair a Newly Launched World Economic Forum’s Community

The 2023 World Economic Forum meeting in Davos, Switzerland marked the inaugural meeting of the ASEAN Leaders for Just Energy Transition. Mr. Roongrote Rangsiyopash, President and Chief Executive Officer, SCG and Mr. Muhammad Taufik, President and Group Chief Executive Officer, PETRONAS are the Co-Chairs to drive activities for the region’s energy transition. 

Mr. Roongrote Rangsiyopash, President and Chief Executive Officer of SCG said, “This community gathers Southeast Asia’s most ambitious, impact-oriented companies across sectors such as energy, finance, agribusiness, materials, infrastructure, and mobility to strengthen the intra-regional and international public-private cooperation and drive the actions required to accelerate a just and inclusive energy transition”. 

Southeast Asia has a current population of 680 million people with rapid economic growth. Recent trends have been observed that fossil fuel use is growing rapidly and renewables are more than doubling. Although many countries have increased their energy and climate policy ambitions to achieve carbon neutrality and curbing reliance on coal-fired power, the COVID-19 pandemic and the global energy crisis are jeopardizing the pace of the energy transition. 

For Vietnam, the carbon emissions are on a distinctly upward trajectory, with the volume of carbon discharged doubled across the course of 10 years since 2009. This puts the country at the forefront of the energy transition process, and most recently it has signed on to the Just Energy Transition Partnerships, showing a strong commitment to bringing down the volume of greenhouse gas emissions. 

“With global consensus towards net zero by 2050, countries must find their unique energy transition pathway. Aside from prompt actions, public-private, regional and international cooperation will be essential to securing a prosperous and just energy future for the region”, said Roongrote Rangsiyopash.

The MoU signing ceremony of a public-private collaboration towards the circular economy in plastic waste management between the Ministry of Natural Resources and Environment, SCG, Dow Vietnam and Unilever Vietnam

The ASEAN’s Leaders for Just Energy Transition will leverage the Forum’s global public-private cooperation platform to shape, tailor, and drive the execution of relevant initiatives in Southeast Asia, adopting relevant global initiatives. It will also enable sharing insights and perspectives regarding Southeast Asia’s energy transition, and engage in cross-industry, cross-regional dialogues with public sector figures, policymakers, industry associations, and other relevant industry players from the region and the world. Its goal is to help accelerate ASEAN countries' energy transition.

Joining the new community is among SCG's numerous efforts in advancing energy transition. SCG has ramped up its renewable energy endeavors by 78%, with its smart grid project contributing to a 30% reduction in energy costs and a decrease of 3,670 tons of CO2 per year. Research-focused energy-saving product solutions have also been emphasized and resulted in a growth rate exceeding 40% for the company in 2022.

In Vietnam, SCG is dedicated to providing relevant solutions and actively joining in public-private partnerships to support the implementation of initiatives and share experiences in ESG practices to bring down carbon emissions. The company also takes part in cross-sectoral and inter-regional dialogues with partners, policymakers, industry associations, and other relevant companies to promote ESG principles. In June 2022, SCG joined as the key speaker of Vietnam’s “Kick-Off Conference to develop a national action plan toward Circular Economy'' - the large scale event hosted by the Ministry of Environment and Natural Resources (MONRE) to call for collaborations in Circular Economy, reaching the goal of Net Zero for Vietnam by 2050. The company also plays a key role in the first Public-Private Collaboration for the implementation of a Circular Economy in Plastic Waste Management - a joint project between SCG, Dow Vietnam, Unilever Vietnam and MONRE.

After these efforts, as co-chair of WEF’s Just Energy Transition Community in ASEAN region, SCG will continue to drive ESG practices in Vietnam, focusing on the energy transition process, by sharing the company’s leading expertise, strong regional network and resources with local partners, to work together toward the country’s goal of carbon neutrality and a sustainable future.