Malaysia's Green Steel Revolution: Path to a Sustainable Future
Malaysia unveils a comprehensive plan to transform its steel industry, targeting overcapacity and decarbonisation, with ambitions to achieve a green sector by 2050. Trade Minister Tengku Zafrul Aziz outlines strategies including licensing reforms, a carbon pricing framework, and enhanced financial access for the industry's sustainable transition.
In an ambitious move towards sustainability, Malaysia's steel industry is set for a significant overhaul. Announcing a targeted strategy, Trade Minister Tengku Zafrul Aziz has unveiled plans to tackle overcapacity, revamp licensing, and pioneer decarbonisation, aiming for a completely green sector by the year 2050.
The roadmap, extending over a decade, will establish clearer licensing guidelines for steel manufacturers and introduce carbon pricing. Additionally, the initiative seeks to secure better financial resources to facilitate the transition towards green, high value-added production processes.
Highlighting the crucial need for this transition, Tengku Zafrul noted the steel industry's significant carbon footprint. He pointed out a concerning imbalance between supply and demand projections, which could see upstream capacity scaling up to 40.8 million tonnes by 2030, against a demand forecast of just 14.7 million tonnes.
(With inputs from agencies.)
Google News