National oil and gas conglomerate PTT Plc is stepping up efforts to use more renewable power and further develop its hydrogen fuel business, part of a move to grow the company in a sustainable manner.
PTT's current plan is to produce 12 gigawatts of electricity from renewable sources and limit power generation from fossil fuels to 8GW by 2030, but this target will be upgraded to better reflect the company's clean energy campaign, said Cherdchai Boonchoochauy, senior executive vice-president for innovation and new ventures.
The campaign includes a push for new hydrogen fuel projects.
Mr Cherdchai did not reveal the new renewable power target, saying only the target will increase.
"We are drafting a strategy for renewable energy development, which will be finalised following approval from the PTT board in August," he said.
These efforts are expected to help PTT achieve its carbon neutrality goal, a balance between carbon dioxide emissions and absorption, by 2040.
The company also aims to attain a net-zero target, a balance between greenhouse gas emissions and absorption, within 2050.
PTT is developing hydrogen fuel by teaming up with the state-run Electricity Generating Authority of Thailand and ACWA Power, a Saudi Arabia-based renewable energy firm.
Under a memorandum of under- standing signed in November last year, the consortium aims to ensure the production of this fuel is financially viable.
PTT announced in April it would invest US$7 billion in this project, which will focus on green hydrogen.
The process of making green hydrogen requires electricity generated by renewable sources to split water molecules into hydrogen and oxygen.
Auttapol Rerkpiboon, chief executive of PTT, said the feasibility study for this project has already started and the company expects to make a final decision by the end of this year.
Last year, PTT joined with Bangkok Industrial Gas Co, Toyota Motor Thailand and Toyota Daihatsu Engineering and Manufacturing Co to co-launch a prototype of the country's first hydrogen filling station to offer eco-friendly cars hydrogen fuel.
The group is testing the facility, which serves limousines carrying passengers between U-tapao airport and Pattaya, as well as nearby areas.