Malaysia Unveils 10-Year Plan to Decarbonize Steel Industry by 2050
Malaysia is transforming its steel industry by creating an ASEAN database to monitor steel capacity and usage levels. The Malaysian Steel Industry Federation (MSIF) has a ten-year plan to tackle overcapacity, realign licensing, and achieve full decarbonization by 2050.
The Malaysian government is addressing the steel industry's high carbon emissions, with manufacturing being one of the country's most polluting sectors. The minister is calling for a collective ASEAN decarbonization roadmap and considering regional 'green steel' production hubs.
The domestic steel market faces a substantial supply-demand mismatch, leading to overcapacity. Clear licensing guidelines for steelmakers will be implemented, and access to financing will be expanded to support the transition to greener production methods. The ten-year roadmap will also introduce greater transparency in carbon pricing.
Malaysia is committed to overhauling its steel industry, focusing on sustainability and efficiency. The proposed ASEAN database, along with the ten-year roadmap, will help address overcapacity, restructure licensing, and ultimately decarbonize the industry by 2050. These efforts aim to enhance the sector's competitiveness and resilience, while significantly reducing its carbon footprint.
Read also:
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
- Auto Industry Updates: Geotab, C2A, Deloitte, NOVOSENSE, Soracom, and Panasonic in Focus
- South Korean Giants Eye Cần Thơ, Vietnam for Fruit Juice Plant and Bio-Diesel Facility
- Liverpool unveils plans for expanding its electric fleet: intends to incorporate 50 new electric buses
