The government of Malaysia has committed to ensuring that the levy rate for Carbon Capture, Utilisation, and Storage (CCUS) is both competitive and in line with global best practices.
The newly proposed legislation is being recognized as a crucial step in tackling climate change challenges and will further position Malaysia as a regional frontrunner in low-carbon technologies, according to Economy Minister Datuk Seri Rafizi Ramli.
Presented for its first reading in the Dewan Rakyat yesterday, the CCUS Bill will undergo its second reading in the current parliamentary session.
According to the blue copy shared with Parliament, the bill includes provisions for the capture, transportation, utilization, and permanent storage of CO2, all aimed at reducing the impacts of climate change.
The implementation of this legislation is expected to offer multiple benefits to Malaysia, not only addressing climate change but also unlocking new economic growth opportunities.
Rafizi highlighted that the bill is anticipated to create jobs and play a vital role in shaping a more sustainable and resilient future for the country.
“Other than contributing to reducing the effects of climate change, this CCUS Bill also has the potential to be a new source of economic growth by creating new job opportunities and shaping a more resilient and sustainable future,” Rafizi stated.
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He emphasized that this bill marks an important initial step in confronting climate change, positioning Malaysia as a leader in low-carbon technologies within the region.
The government’s commitment to achieving net-zero greenhouse gas emissions by 2050 is central to this initiative.
Rafizi also noted Malaysia’s focus on a fair transition, ensuring that the country’s move towards sustainability is aligned with its economic interests and is equitable for all citizens.
“This CCUS Bill is expected to be the starting point for Malaysia in facing the challenges of climate change, thereby strengthening the country’s position as a leader in low-carbon technology in the region,” Rafizi concluded.
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