Terengganu is poised to reap the greatest benefits from Carbon Capture, Utilisation, and Storage (CCUS) technology, thanks to its existing infrastructure, says Datuk Seri Rafizi Ramli.
During his winding-up speech on the Carbon Capture, Utilisation, and Storage Bill 2025 on Thursday (March 6), the Economy Minister stated that the introduction of a carbon tax would attract heavy industries to establish factories in areas such as Kerteh and Kemaman.
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During his winding-up speech on the Carbon Capture, Utilisation, and Storage Bill 2025 on Thursday (March 6), the Economy Minister stated that the introduction of a carbon tax would attract heavy industries to establish factories in areas such as Kerteh and Kemaman.
Read more at https://tinyurl.com/yrfc4efk
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00Every year, our country has to face the effects of climate change.
00:10Floods, uncertain weather, devastation and so on.
00:15It doesn't matter if the leaders in countries like the United States withdraw from the Paris Accord.
00:23But we can't run away from climate change.
00:28So the world will continue to move in that direction.
00:32This is the opportunity we need to see.
00:35Because aside from the responsibility of Malaysia to achieve carbon emissions by 2050,
00:45we also have several opportunities and challenges that we need to face.
00:51First, if we don't have a mechanism to manage our carbon emissions,
00:57our companies will be penalised when exporting to other countries.
01:03Because in other countries that have a carbon tax mechanism,
01:08if it is not paid or not imposed, it will be a new form of tariff.
01:15We will also face difficulties in attracting investors.
01:21Because investors will only invest in industries that have green characteristics.
01:31Therefore, many of our industries will face problems if they can't show that they have carbon emissions.
01:40That is why Malaysia is a very fortunate country.
01:46Because before this, we had oil.
01:49Now, we are running out of oil.
01:51So the oil that is running out,
01:54if we use it well, it will be another new source of industry.
01:59Because it will leave oil fields that are no longer being used.
02:04Now, we can reverse the process.
02:08Before this, we sucked the gas out.
02:11Now, we can inject the gas back in.
02:15And this will be beneficial for the government.
02:18This will strengthen the country's economy.
02:21And for the people, it will create job opportunities,
02:27and economic planning,
02:30and also help the country to deal with climate change.
02:36I also want to mention something that has not been discussed,
02:42but has been discussed for almost a year,
02:48with the governments, including the government of Terengganu.
02:52Because the biggest burden lies with the government of Terengganu.
02:59The government of Terengganu now,
03:01the only industry in Terengganu is petrochemicals.
03:08And the only industry that provides good job opportunities
03:14is the oil and petrochemicals industry in Kerting.
03:18The industry now has a time limit.
03:22Because outside the coast of Terengganu,
03:26the oil and petrochemicals industry is already in decline,
03:30and will soon be finished.
03:33So, to the MPs from the East Coast,
03:38and especially from Terengganu,
03:40I urge us to think,
03:44if in another 15 years,
03:46and I, Tan Sri Yamjai Pertua,
03:48I am from there,
03:50I am from Kemaman, from Kerting.
03:52I know that if there is no petrochemicals industry in Kerting,
03:57Kemaman will die,
03:59and the impact will be on the whole of Terengganu.
04:02So, as a representative of the people,
04:04Dungun Setiu,
04:07what is the government's plan to ensure
04:11that when there is no petrochemicals,
04:13it will not have such a big impact on Terengganu?
04:16Therefore, the government of Terengganu
04:18is the strongest supporter of the CCUS law.
04:22Because with the existence of CCUS,
04:25we can extend the potential of Kertih
04:29as an industrial center.
04:31If before, the industry in Kertih
04:33depended on the oil that we took from outside the coast,
04:38now we can use the ease of CCUS
04:43which is outside the coast of Kertih,
04:47and also in Kuantan, for example,
04:49with the existence of CCUS,
04:52this allows us to bring in heavy industries there
04:57because of the need for heavy industries
05:00to contain carbon and store it outside the coast.
05:04And this is for the future of Terengganu,
05:07Pahang,
05:08and because of that, Kemaman does not exist.
05:11Actually, Kemaman has promised me
05:14that the representatives of the national association
05:17will fully support the CCUS law
05:21because the earliest project to be completed
05:25is in Terengganu and then maybe in Kuantan.
05:29So, if the representatives present today
05:32make a move such as the transition of the institution
05:35that does not support,
05:37what will be the victim is Terengganu itself
05:40because we cannot continue
05:42with the project that we want to announce
05:45at the beginning of 2025.