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By Shikin Louis
KUALA LUMPUR, June 26: The federal government will develop a framework and harness commercial potential of carbon capture and storage particularly in depleted reservoirs offshore Sabah and Sarawak.
Prime Minister Dato Seri Anwar Ibrahim said Malaysia continues to see natural gas playing an important role in the energy mix and as one of the cleanest burning hydrocarbons, to transition towards a lower carbon economy.
At the same time, he said the federal government recognises the importance of managing methane emissions as a highly potent greenhouse gas and has committed to join the global methane pledge to cut emissions by 30 per cent by 2030 compared to 2020 levels.
“Our existing mature industries also offer some natural adjacencies to the renewables and the lower carbon economy.
“As a traditional producer of natural gas and liquified natural gas (LNG), hydrogen represents a natural next step in the value chain and offers a potential avenue for further economic growth.
“We are also taking the opportunity to develop the framework and harness the commercial potential of carbon capture and storage, particularly in depleted reservoirs offshore Sabah and Sarawak,” he said during the opening ceremony of the Energy Asia 2023 conference at Kuala Lumpur Convention Centre (KLCC) here today.
Anwar also said the Pengerang Integrated Complex in Johor, with 300,000 barrels per day of refining capacity and more than 3.3 million tonnes per annum of petrochemical production capacity, will also position Malaysia to meet growing demand in the region.
As the world moves towards tackling global climate change, the Nationally Determined Contribution (NDC) has been revised to reduce the intensity of greenhouse gas (GHG) emissions by 45 per cent by 2030 compared to 2005 levels.
Thus, Malaysia’s efforts to achieve the NDCs have been incorporated into the 12th Malaysia Plan (12MP) and the National Energy Policy 2022-2040 (NEP2040).
To date, the federal government is currently developing several strategic roadmaps including the National Energy Transition Roadmap (NETR) and this will be further complemented by the Hydrogen Economy and Technology Roadmap.
These two roadmaps are targeted to be launched by the second half of this year.
Amongst those present were Petroliam Nasional Berhad (Petronas) group chief executive officer and president-cum-Energy Asia chairman Tan Sri Tengku Muhammad Taufik and S&P Global vice chairman Daniel Yergin. — DayakDaily
