Petrovietnam, the national oil and gas group of Vietnam, is actively implementing a range of solutions to reduce greenhouse gas emissions, demonstrating its commitment to sustainable development and effective climate change mitigation. This article delves into Petrovietnam's ambitious goals, innovative solutions, and ongoing efforts to achieve a net-zero emissions future.
Ambitious goals for a sustainable future
Petrovietnam has set forth a bold target to reduce greenhouse gas emissions, contributing to environmental protection and effective climate change response. The company pledges to cut 15.55 million tons of CO2 compared to the baseline emission in 2010 by 2025. With an even broader vision, Petrovietnam aims to achieve net-zero emissions by 2050, underscoring its unwavering commitment to building a sustainable future.
Diverse and effective solutions
To achieve its ambitious goals, Petrovietnam is implementing a comprehensive set of solutions focused on key areas:
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"Greening" coal-fired power plants: Adopting advanced carbon capture, utilization, and storage (CCS/CCUS) technologies to minimize CO2 emissions from coal-fired power plants.
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Renewable energy development: Prioritizing renewable energy sources such as wind, solar, and biomass power to reduce reliance on fossil fuels.
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Carbon value chain: Establishing a holistic carbon value chain encompassing carbon capture, utilization, and storage (CCUS), production of green hydrogen and green ammonia, generating value-added products while contributing to environmental protection.
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Clean fuel conversion: Transitioning from coal and oil to cleaner fuels like natural gas and biofuels for maritime transportation, further reducing greenhouse gas emissions.
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Afforestation: Promoting large-scale afforestation to enhance CO2 absorption and generate carbon credits.
Competitive advantages and growth potential
Petrovietnam possesses several competitive advantages in implementing greenhouse gas emission reduction solutions:
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Advanced technologies: Petrovietnam holds expertise in CO2 injection and transportation via ships, coupled with experience in identifying geological formations for CO2 storage.
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Geological expertise: Leveraging its extensive experience in oil and gas exploration and production, Petrovietnam possesses a strong foundation in locating and evaluating potential CO2 storage sites.
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CO2 reuse: Petrovietnam has the capability to reuse CO2 for various purposes, including enhancing oil recovery, producing fertilizers, synthetic fuels, chemicals, and materials.
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Strong financial resources: Petrovietnam's robust financial standing enables it to invest in large-scale greenhouse gas emission reduction projects.
Unwavering commitment and concrete actions
Petrovietnam's subsidiaries, such as PV Power, PV GAS, and PVEP, have each developed tailored emission reduction solutions and targets aligned with their specific operations.
Petrovietnam is actively promoting afforestation to bolster CO2 absorption and generate carbon credits. In 2022, the company launched an initiative to plant 3 million trees across oil and gas operations between 2022 and 2025.
2024 has been identified as a crucial year for Petrovietnam to achieve its 3-million-tree planting goal and quantify CO2 emission reductions, laying the groundwork for embracing trends in environmental tax and fee exemption, emission reduction, and climate change mitigation.
With its well-defined goals, innovative solutions, and unwavering commitment, Petrovietnam is demonstrating its dedication to environmental protection and climate change mitigation. The company's greenhouse gas emission reduction efforts play a pivotal role in shaping a sustainable future for Vietnam.
Source: vietnamnet
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