The world’s transition away from fossil fuels poses a risk to Petronas, Malaysia’s financial backstop.
Moody’s Investors Service senior VP Christian de Guzman says Petronas is Malaysia’s buffer for “unforeseen events”.
“This is interesting because other countries do not have Petronas. I think there is a degree of comfort taken by policymakers in Malaysia that there is some kind of financial backstop in the case of unforeseen events,” he said at the MARC360: Pre-Budget 2024 Views Series 2 – Malaysia’s Long Story of Fiscal Consolidation webinar today.
Another part of Moody’s assessment of ESG is the current transition risk. “Assuming all the countries in the world are continuing to work towards their commitment to the Paris Agreement, the long-term demand for petroleum and natural gas will dwindle over time.
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