Net Zero Transition Plan

Malaysia is a key upstream and midstream player in Asia’s energy market, ranking the second-largest crude producer in Southeast Asia (SEA) and the fifth-largest global exporter of Liquefied Natural Gas (LNG). The sector is a major contributor to national output accounting for approximately 20% of Malaysia’s GDP and supports over 200,000 direct and indirect jobs across the value chain. Although recognised as a critical enabler of economic growth globally and in ASEAN, oil and gass production and consumption generates significant GHG emissions.

Under Malaysia’s NETR natural gas is identified as a transitional fuel, an important component in greening the energy mix in the journey to 2050. It is therefore important to enhance upstream competitiveness to meet both domestic demand and energy transition needs. Abruptly phasing out oil and gas use in the region would not be feasible or realistic. Just transition continues to be a priority for the governments of ASEAN.

Acknowledging this sector’s critical role in contributing to Malaysia’s economic growth, energy needs, and industrial development, AmBank Group aims to facilitate the transition of the oil and gas sector towards a low-carbon future while balancing energy security, affordability, and sustainability needs.

AmBank Group is committed to support customers in this sector as they diversify their business models to address growing demand for cleaner and more sustainable energy solutions. Through regular engagements, we will work with customers to better understand their near-term targets and track progress of their transition to cleaner energy business models. Furthermore, the Group will encourage customers to establish and follow best sustainable practices relevant to the sector.