Malaysia’s parliament on Thursday ( Mar 6 ) approved legislation that will help the nation become a “global leader” in carbon capture, utilisation, and storage, a method that is said to reduce global warming emissions.
The Southeast Asian nation claims that the proposed coal record, use, and store (CCUS) law provides a vital financial driver, worth up to US$ 250 billion, and will provide hundreds of thousands of jobs by 2050.
CCUS aims to reduce emissions caused by burning fossil fuels for electricity and from business processes.
The coal is vaporized at the source and entirely stored in various subterranean conditions.
It has received support from the United Nations ‘ top medical panel on weather change as a remedy for difficult-to-decarbonize companies, including big business and the oil and gas sector.
Yet, some scientists and environmentalists view it as a license to burn fossil fuels and question its usefulness in light of the cost and difficulty.
Rafizi Ramli, the country’s secretary of economics, stated that the costs may aid in addressing climate change while strengthening its status as a “regional pioneer in low-carbon technology.”
He continued,” New sources of economic growth are provided by CCUS.”
Because just Norway has so far been successful with CCUS, Malaysia will be able to be a world leader in the area.