MITI will attract green investments for large-scale transition, with an annual strategy report and a focus on MRV framework before carbon tax
KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) will work to attract more investments to enable a large-scale national green transition.
Deputy Minister Liew Chin Tong said this reflects a more comprehensive approach beyond relying solely on incentives or tax exemptions.
“If we only rely on incentives and tax breaks, it won’t have a wider impact,” he said in the Dewan Negara.
He stated that a focus on investment would allow the green transition to happen on a larger scale.
MITI will also provide an annual green investment strategy report, Liew added.
He was responding to a supplementary question from Senator Datuk Ng Keng Heng.
The question concerned MITI’s plans for a green investment report and a carbon footprint audit to prevent misuse of incentives.
Liew said the Measurement, Reporting and Verification (MRV) framework is crucial, especially for industries like iron and steel.
This framework is needed to standardise and uniformly compare industrial emissions reports.
“Before we implement a carbon tax, we need to start with measurement (through MRV) to determine the amount of emissions,” he explained.
Only after establishing measurement can the carbon tax be implemented, according to Liew.
He added that a carbon tax would then generate an ecosystem for an emissions trading system (ETS).
The carbon tax revenue will be channelled back to support the country’s green transition, Liew said. – Bernama
