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By Shikin Louis
KUALA LUMPUR, June 27: Petroliam Nasional Berhad (Petronas) wants to work closely with the Sarawak government in formulating regulations or laws on carbon capture and storage (CCS).
Petronas senior vice president for Group Legal and Group General Counsel, Razman Hashim, said there have been many discussions on the potential of capturing carbon dioxide (CO2) created as a byproduct of manmade operations as well as looking at the opportunity to provide storage for other carbon emitters in the industry.
“But for that to happen and also even going beyond the shores of Malaysia in potential of carbon storage, all that needs a firm policy on the government side and the legal framework that perhaps is a bit absent today; that needs to be in place.
“And I believe this is where maybe we can also work closely with the Sarawak government in terms of CCS.
“I think most important for Malaysia is that if we have to have regulations or laws with regards to CCS, it should not be adding too much bureaucracy and cost-primitive for the industry that actually participate in decarbonize operations,” he said when speaking at a parallel session on ‘Politics & Policies: Building Bridges and Removing Barriers’ at the Energy Asia 2023 conference held at Kuala Lumpur Convention Centre here today.
Razman further mentioned that Bursa Malaysia has recently launched the Voluntary Carbon Market (VCM) exchange which enable companies to trade voluntary carbon credits from climate-friendly projects and solutions, with the aim to offset their emission footprint and meet climate goals.
“I think maybe that’s something that all of the operations today (can deliberate on) how do we really encourage all the industry participants to really trade in the VCM so that carbon trading would also be there.
“On that perspective, I believe a lot more can be done; from the government’s policies to be in place and I’m looking forward for the announcement on National Energy Transition Roadmap (NETR),” he added. – DayakDaily
