PETROLEUM Sarawak Berhad (Petros) and two Posco Holdings subsidiaries – Posco International and Posco Engineering & Construction Co Ltd – have signed a memorandum of understanding (MOU) to import and store waste carbon dioxide (CO2) in the state.

Under the MOU, the partner companies will conduct a joint study on potential carbon storage sites; transport of CO2 from South Korea to the CCS hub in Sarawak; CO2 injection and sequestration; solutions to reduce, mitigate and avoid greenhouse gas (GHG) emissions; and assess the technical and commercial feasibility of the CCS business.

The MOU, signed by Petros acting senior vice president of resources management Anyi Ngau and Posco Holdings executive vice president and head of hydrogen business Cho Ju-Ik was witnessed by Premier Abang Johari Openg.

Posco has already completed an in-depth study on Sarawak and the best locations to store CO2.

Cho said with the completion of the study, Posco is confident of accelerating “our carbon neutrality by means of gathering group-level abilities”.

Sarawak amended its land laws in May to include the legislation regulating CCS.

Abang Johari, in his address, said Sarawak welcomes sustainable partnerships across the value chain.

He said as Sarawak transforms and pushes towards a high-income prosperous state, environmental sustainability is vital and instrumental in the state’s ability to secure both thriving human communities and abundant and healthy natural ecosystems.

“Many assume that economic interests and environmental interests are in conflict.

“However, new discovery and research makes the case that this perception of development versus conservation is not just unnecessary but actively counterproductive to both ends.”

The premier said it is therefore imperative to be actively engaged in multilateral processes that aim to address the global challenge – climate change - that endangers the well-being of people and the planet.

He said the next few years are critical to act for a sustainable future for all.

“Delayed action will trigger the impacts of climate change so catastrophic that our world will become unrecognisable.

“Changing course will require immediate, ambitious and concerted efforts to slash emissions.” – December 12, 2022.