Malaysian Prime Minister Anwar Ibrahim has announced during his budget speech for 2025 that the government plans to introduce a carbon tax on steel, iron and energy industries by 2026, according to local media reports.
Mr. Ibrahim stated that by this move, the government aims to encourage the use of cleaner and more sustainable technologies and that revenues from this tax will be used in green technology programs and research.
Also, the Malaysian prime minister has unveiled that domestic companies UEM Lestra and Tenaga Nasional Bhd will invest MYR 16 billion ($3.67 billion) to improve distribution networks and decarbonize industrial areas.