Bloomberg filepix for illustration purpose only.

KUCHING (Oct 30): Economy Minister Rafizi Ramli met with Sarawak Premier Tan Sri Abang Johari Tun Openg and state cabinet ministers on Wednesday to discuss a proposed bill related to carbon trading.

Rafizi said the discussions focused on how to harmonise state and federal laws before the federal bill is presented at the end of this year.

"The aim is to ensure that both Sarawak and Malaysia (federal government) can implement the Carbon Capture, Utilisation and Storage (CCUS) (process) as quickly as possible, according to the established plan, and that the process continues smoothly.

"I take comfort in knowing that everyone is on board to ensure the success of Malaysia's progress, as CCUS is one of the high-tech activities driving this leap forward," he told reporters after meeting with Abang Johari at Wisma Bapa Malaysia here on Wednesday.

Rafizi added that if Malaysia can successfully implement carbon trading within the next five years, it will position Malaysia at the forefront and establish Sarawak as a key regional player.

"This will create many high-paying jobs and strengthen our leadership in energy transition. I feel that the momentum for this has accelerated rapidly over the past year," he said.

He noted that four states — Sabah, Sarawak, Terengganu and Pahang — have been identified as having significant potential for implementing the CCUS.

"We are currently focusing on these four states, all of which have held engagement sessions on CCUS legislation," he said.

Previously, Rafizi stated that the Carbon Capture, Utilisation and Storage Bill would be presented in Parliament this November.

He said the formulation of decarbonisation laws is aimed at regulating related activities, thereby attracting more investors to the country.

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