KUALA LUMPUR, May 23 – Today, the Economy Ministry presented a memorandum to the Cabinet, signaling a significant step towards establishing a comprehensive legal framework for Carbon Capture, Utilisation, and Storage (CCUS) initiatives in Malaysia. Economy Minister Rafizi Ramli announced plans for a standalone CCUS Bill to be tabled by the end of the year, alongside efforts to forge bilateral agreements aimed at positioning Malaysia as a regional hub for Carbon Capture and Storage (CCS).
The proposed bill will focus on the entire value chain of CCUS, encompassing carbon capture, transportation, utilisation, and storage of carbon dioxide (CO2). Initially, CO2 storage activities will prioritize offshore areas, with onshore storage subject to feasibility studies at a later stage. Rafizi envisions Malaysia becoming a CCS hub in the Asia Pacific region, emphasizing the socio-economic benefits such as economic growth, job creation, and technological advancement that the development of the CCUS industry can unlock for the country.
