KUCHING: The cost of carbon storage in Sarawak will be cheaper than that of Norway and the United Kingdom as its technique of storing is different.
In stating this, Energy and Environmental Sustainability Deputy Minister Dr Hazland Abang Hipni noted that the price of storing one tonne of carbon in Norway is € 90 (euro) while in the United Kingdom (UK) is €75.
“For us, the cost will be even cheaper than that because we will modify the techniques that have already been used in the two countries to suit our own environment,” he said.
He said this during the first panel discussion session at 2023 World Green and Sustainability Summit at UCSI Hotel here on Monday.
Explaining on carbon storage, he said that here, it can actually be done onshore through pipelines and offshore through shipping.
“The carbon dioxide will be liquefied in tanks, transported by the ship and injected into depleted oil wells.
“Sarawak will use the depleted oil wells because we already have them.
“In total, we have 1,665 depleted oil wells with a potential capacity of 9 billion tonnes, which means that one oil well can store 5 million tonnes of carbon,” he said.
In line with this, Dr Hazland encouraged industry players to store carbon instead of buying carbon credit to avoid greenwashing.
“Industry players buy the carbon credit at a certain price which they can easily afford but in actual fact, by doing so, they do not reduce carbon emissions.
“This will lead to the price of carbon trading continuing to increase while carbon storage will be more affordable,” he said.
