PUTRAJAYA, December 4 — Malaysia’s Economy Minister, Rafizi Ramli, aspires for the country to establish itself as a leader in Carbon Capture, Utilisation, and Storage (CCUS) activities within the ASEAN region. Emphasizing the importance of CCUS in achieving a zero carbon footprint by 2050, Rafizi hopes Malaysia can pioneer sound policies for CCUS, making it the first nation in ASEAN to do so. Highlighting global initiatives, such as the United States allocating $12 billion and the British government funding £20 billion for CCUS projects.
Rafizi underlined the urgency for Asia-Pacific nations to rapidly implement and scale up CCUS projects, given the increasing focus on transitional potential in the region. CCUS technology is pivotal in capturing and effectively utilizing high concentrations of carbon dioxide (CO₂) emitted by industrial activities, contributing significantly to decarbonization efforts and addressing climate change challenges. With the global CCUS market forecasted to exceed $100 billion by 2050, Rafizi aims to have comprehensive policies in place within 15 months to facilitate Malaysia’s participation in this growth boom.
Recognizing the lack of CCUS policies in many Asian countries, Rafizi believes that timely policy formation will not only boost Malaysia’s economy but also attract foreign investors seeking regulatory clarity in the region. While acknowledging the complexity of policy formation involving multiple agencies and authorities, Rafizi believes setting a timeline provides industry players with a tangible goal. By becoming the first in the ASEAN region to implement robust CCUS policies, Malaysia aims to attract overseas investors, positioning itself as a hub for sustainable and innovative climate initiatives.
