KUALA LUMPUR: Malaysia is poised to be a regional leader in energy transition by harnessing natural resources and sound policy at high level, Economy Minister Rafizi Ramli said.
Despite contributing less than one per cent of carbon dioxide emission, Raifiz said the government continues to carry its global responsibility through thoughtful measures that secure a sustainable future for the people of Southeast Asia.
In the effort to embrace energy transition and decarbonising at scale, Rafizi said policy and resource are the two types of pathways that countries can really turn to.
He noted that while some countries favour one pathway over the other, most tend to do a combination of the two with some tradeoffs.
"But it is very rare for a country to do both at a high level. Those that do are poised to become climate leaders and regional energy hubs. I believe Malaysia is well placed to do exactly that," he said at the International Greentech and Eco Products Exhibition and Conference Malaysia 2024 (IGEM) here today.
On carbon capture and utilisation storage (CCUS) bill that the ministry will be tabled in Parliament next month, Rafizi said the first of its kind regulatory framework is benchmarked against several countries' and has incorporated internationally recognised standards.
He added that the path to decarbonisation goes through CCUS whereby without the latter, power plants and steel industries will just not meet their targets.
"By rolling out this legislation, we are piecing that final jigsaw to the puzzle. Demonstrating that Malaysia can marry both policy and natural resources towards net zero," he added.
According to Rafizi, there is real demand from Japan, South Korea and Singapore for Malaysia to take the lead in regional climate move.
"Ultimately, being a megadiverse country comes with acknowledging that actually most countries aren't blessed like us. Having this head start means we have a greater responsibility.
"It doesn't matter if we aren't the biggest contributor of emissions. What matters is we show the right stewardship of our environment and push forward towards net zero," he said.