00:00Just under a decade ago, the Paris Agreement was established in 2015.
00:14Malaysia, alongside 195 signatories, have committed to reducing carbon emissions by
00:2245% in 2030 and achieve a net zero by 2050.
00:30Since then, global progress has been admittedly skewed.
00:36The context of Malaysia's own journey to net zero has to be framed properly.
00:42Since 1750, Malaysia has contributed only 0.37% of carbon dioxide emissions.
00:51That means from around the beginning of the Industrial Revolution, the likes of the United
00:58States have emitted 65 times more CO2 than us.
01:05Despite this less than 1% contribution, this administration refuses to think to shirk our
01:14global responsibility.
01:16We recognize not just the social impetus, but the need to demonstrate regional leadership.
01:24For us, this is about implementing thoughtful measures that secure a sustainable future
01:30for the people of Southeast Asia.
01:34To achieve this, it forces us to address the energy trilemma, establishing security, sustainability
01:44and affordability.
01:47This means confronting hard realities.
01:51For example, we may be the fifth largest exporter of LNG in the world, but we are also importing
01:59about 30% to fuel our own electricity needs.
02:05This poses a serious question about our foreign dependence in powering local demands.
02:14Ladies and gentlemen, countering this lies in embracing energy transition and decarbonizing
02:24at scale.
02:27But the means of doing so varies from country to country.
02:33There are fundamentally two types of pathways that countries can really turn to.
02:40One path is policy-led.
02:43This is where countries can institutionalize sustainability reporting, establish green
02:50tax incentives, or legislate net zero commitments.
02:56It creates a progressive framework that nudges the ecosystem towards adopting sustainable
03:02practices.
03:05Whereas the second path is resource-dependent.
03:10Countries embrace the potential of hydrogen, building EV capacity, and using sustainable
03:19aviation fuel, for example.
03:22It's about leveraging natural resources with technology to build the right kind of renewable
03:30energy infrastructures.
03:33Some countries favor one pathway over the other.
03:37Most tend to do a combination of the two with some trade-offs.
03:43But it is very rare for a country to do both at a high level.
03:49Those that do are poised to become climate leaders and regional energy hubs.
03:58Ladies and gentlemen, I believe Malaysia is well-placed to do exactly that.
04:05Our biodiversity, from land to sea, has blessed us with a natural competitive advantage.
04:15And Boi Binik has elaborated at length on this.
04:20For example, our sunny climate has pushed us to be the third largest manufacturer of
04:27solar panels in the world.
04:31Or another example, how being the second largest producer of palm oil makes it easier for us
04:39to embrace biomass as an alternative fuel source.
04:45Other resource-limited countries have had to compensate through more progressive policies.
04:51This is where Malaysia, unfortunately, has traditionally played catch-up.
05:00Our legislation tends to take time and isn't always benchmarked against the best practices.
05:07When this administration takes office, we look at how long a government previously brings
05:18from the ideation of a legislation to passing it in Parliament.
05:24Normally, it takes at least four years.
05:28It can take ten years.
05:32And because of that, we have to ask this question.
05:37What's the point of having an abundance of resources if we can't have the right policies
05:45that unlock value and catapult us to the front?
05:49This is the question that this administration has sprinted in the last two years to manage.
05:58Since taking office, we are changing that now.
06:02I'll give you one example, CCUS.
06:05I think there's now a competition between different ministries to see who can bring
06:11the legislation fastest to make up for all the lost time in the last ten years.
06:17NRES is going to bring Climate Change Act sometime next year.
06:23I'm glad that my ministry is going to beat NRES because we are bringing CCUS legislation
06:32at, I think, a record speed of six months.
06:37From the ideation, formulation, bring it all the way to the processes, and we're going
06:44to pass it next month, inshallah.
06:48So if you look at CCUS, going back to this blessed country of Malaysia that has so much
06:56resources, Malaysia is blessed with several high-quality storylines.
07:05We are repurposing what was previously an extractive business and shifting towards
07:11injection and storage.
07:13Yet, as I mentioned before, despite the whole world is looking at us because we have this
07:20abundance of resources, previously we haven't had the right regulatory framework to crowd
07:27in investors and redefine a new supply chain.
07:32And as I mentioned, within a month from now, this administration will be tabling a CCUS
07:40bill to Parliament, the first of its kind in this country.
07:46And hopefully, the robust regulatory framework is benchmarked against several countries.
07:52We have been looking at quite a lot of it and benchmarked it against best practices
08:00from Europe and has incorporated internationally recognised standards.
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