News

Malaysia is among the hubs in the Asia-Pacific region rapidly emerging as key players in the carbon capture and storage (CCS) sector, according to Rystad Energy.

Japan passed a law on May 17 to establish a permit system for business operators, facilitating the implementation of Carbon Capture and Storage technology, which captures carbon dioxide from industrial emissions and stores it deep underground.

Energy giant Shell is accused of selling "phantom carbon credits" through a Canadian carbon capture project, which not only generated an additional revenue of 200 million Canadian dollars (about 140 million USD) but captured only half of the amount claime

The European Commission has announced a $30 million call for proposals to provide funding support for carbon removal projects in the region.

Carbon Capture and Storage market is forecasted to increase by 104.5 million tons from 2023 to 2027. Additionally, the market is expected to grow at a CAGR of 22.91% during the forecast period.

Indonesia officially launched its first Carbon Capture and Storage (CCS) project at the end of November. However, experts believe that Indonesia faces significant risks in becoming a hub for carbon storage.

Indonesia's president Joko Widodo launched the construction of a carbon capture, utilization and storage (CCUS) project in West Papua province operated by BP Plc on Nov. 24, making it the country’s first carbon storage project.

Pertamina and BP are exploring a potential collaboration in the carbon capture, utilization, and storage project at the Tangguh natural gas field, which may involve producing blue ammonia.

Japan will hold talks with Malaysia on storing power plant and industrial emissions in the Southeast Asian nation, with an aim of the first shipment in 2028.

ExxonMobil and BP executives expressed optimism about the oil firm’s carbon capture projects in Indonesia, suggesting they provided a solution to the global need to balance emissions reduction and energy security.