Thai PTT Global Chemical plans US$22 billion investment by 2050 to decarbonize


Reporting by Chayut Setboonsarng; Editing by Martin Petty

BANGKOK : Thai chemical firm, PTT Global Chemical Pcl on Thursday said it plans to invest over US$22 billion in the next three decades to achieve net zero carbon emissions by 2050.

“We will invest US$5 billion to directly reduce greenhouse gases and US$17 billion in restructuring the business,” chief executive Kongkrapan Intarajang said at a news conference.
This will include efficiency improvements, energy storage, and carbon capture technology, he said.

New businesses in our portfolio will be low-carbon, like performance and speciality chemicals, he said, adding the company will grow around 4per cent over the next five to six years.

In July, it bought German coating resins maker Allnex for US$4.75 billion, but the rate of carbon emission to growth came down because it was a low-carbon business.

This year PTTGC, a unit of the state-owned PTT Pcl, released about 8 million tonnes of greenhouse gas (GHG) and CO2 equivalents and will reach a peak of 9.1 million tonnes in 2025.

“There will be a 20per cent reduction of emissions in 2030 and net zero by 2050,” said Kongkrapan.

Source: Reuters


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