: Malaysia must ensure its carbon capture, utilisation, and storage industry takes off as soon as possible amid increasing competition from other countries, said Economy Minister Rafizi Ramli.
“CCUS investments and capacity booking are cyclical. As you can imagine, if Japan wants to take up the storage capacity, it will be for a long term, 15-20 years. “What we are doing now is allowing the wording of the federal bill to harmonise with Sarawak’s existing laws to ensure that they complement each other.Rafizi said more countries, including Malaysia’s trading partners, will implement carbon mitigation measures, fiscally and non-fiscally, and this is already happening in Europe.
He pointed out that the country will also need carbon storage to mitigate carbon emissions, especially those from local industries and hard-to-abate sectors like cement, steel, and petrochemicals.