Thailand’s oil and gas firm, PTT Plc is boosting initiatives to harness additional renewable power sources and move towards its hydrogen fuel enterprise. This move is a part of its strategy for sustainable growth of the state-owned firm.
Cherdchai Boonchoochauy, Senior Executive Vice President for Innovation and New Ventures, said, “PTT’s existing blueprint is to create 12 gigawatts of renewable electricity and restrict power generated from non-renewable fuels to eight gigawatts by 2030. However, these targets will undergo an upgrade to echo the firm’s commitment to renewable energy. A key part of this campaign is the development of new hydrogen fuel ventures.”
He further said, “We are drafting a strategy for renewable energy development, which will be finalised following approval from the PTT board in August.”
The firm says that the initiatives will enable PTT to achieve its carbon neutrality milestone- maintaining equilibrium between carbon dioxide emissions and absorption- by 2040. Furthermore, the corporation has also set a target to aims to accomplish a net-zero goal, attaining a balance between greenhouse gas emissions and absorption, by 2050.
Moreover, PTT is advancing its hydrogen fuel development in collaboration with the National Electricity Generating Authority of Thailand and ACWA Power, a renewable energy company based in Saudi Arabia, the firm informed. Under a memorandum of understanding signed last year, the consortium will ensure the feasibility of producing this fuel.
Earlier this year, PTT declared its plans to invest US$7 billion in this venture, which will concentrate on green hydrogen.
The Chief Executive of PTT, Auttapol Rerkpiboon, revealed that the feasibility study for the project has already begun, and the firm aims to reach a final decision by year-end.
Last year, PTT collaborated with Bangkok Industrial Gas Co, Toyota Motor Thailand and Toyota Daihatsu Engineering and Manufacturing Co to introduce a prototype of the country’s initial hydrogen fueling station aimed to serve eco-friendly vehicles.