The Muamalat Newsletter Vol. 2 2023

FEM eNewsletter | Dec 2023 54 References: Bernama (2022) Total subsidiaries in 2022 nearly RM80 bln, highest in history – Tengku Zafrul, 26 June 2022 https://bit.ly/3kDr4Zc Clements, B., Coady, D., Fabrizio, S., Gupta, S., Alleyne, T., & Sdralevich, C. (2013). Energy subsidy reform: Lessons and implications. International Monetary Fund Policy Paper. https://www.imf. org/en/Publications/Policy-Papers/Issues/2016/12/31/Energy-Subsidy-Reform-Lessons-and- Implications-PP4741 Climate Change Performance Index (CCPI). (2021). Climate change performance index 2021. In Climate Action Network International. Retrieved from https://www.germanwatch.org/en/CCPI Coady, D., Flamini, V. & Sears, L. (2015) The unequal benefits of fuel subsidies revisited: Evidence for developing countries. IMF Working Paper WP/15/250 https://www.imf.org/external/pubs/ft/wp/2015/ wp15250.pdf Flochel, T. & Gooptu, S. (2017) Energy Subsidy Reform Assessment Framework (ESRAF): Guidance for Comprehensive Energy Subsidy Reforms - Good Practice Note Overview. The Energy Subsidy Reform Assessment Framework (ESRAF), World Bank. https://bit.ly/3y5NN3k FMT Reporters (2022) Large chunk of govt subsidies enjoyed by the rich, says Tengku Zafrul, 18 May 2022 https://bit.ly/3mkHbeZ HeineD, Black S (2019) Benefitsbeyondclimate: Environmental tax reform, Fiscal Policies forDevelopment and Climate Action, Washington, D.C, 1–185. https://doi.org/10.1596/978-1-4648-1358-0_ch1 Ilias, S., Lankanathan, R., & Poh, W. (2012). Low inflation, but at a high price, Malaysia CPI: Inflation and subsidy. Maybank Research. https://maybank.sg/pdf/investment-insurance/misc/misc06.pdf Kojima, M. (2018) Identifying and Quantifying Energy Subsidies Good Practice Note 1 https:// openknowledge.worldbank .org/bitstream/handle/10986/28926/121475-ESM-PUBLIC- ESRAFReportNotev.pdf Ministry of Finance. (2019). Monetary and Financial Developments. Economy Outlook. https://www.mof. gov.my/portal/arkib/economy/2019/chapter4.pdf Ministry of Natural Resources, Environment and Climate Change (MNRECC) (2022) Malaysia Fourth Biennial Update Report under the United Nations Framework Convention on Climate Change https://bit.ly/3ICh4aG Moerenhout, T. (2022) Energy Subsidies. In The Palgrave Handbook of International Energy Economics. Eds. Hafner, M. & Luciani, G. Palgrave MacMillan, Cham, Switzerland https://doi.org/10.1007/978-3- 030-86884-0 OECD (2013). Analysing Energy Subsidies in the Countries of Eastern Europe, Caucasus and Central Asia. https://www.oecd.org/env/outreach/energy_subsidies.pdf Ritchie, H., & Roser, M. (2020). CO 2 and Greenhouse Gas Emissions - Our World in Data. Our Worldwide in Data. https://ourworldindata.org/co2-and-other-greenhouse-gas-emissions UNFCCC. (2020). Paris Agreement. United National Framework Convention on Climate Change (UNFCCC). https://unfccc.int/sites/default/files/english_paris_agreement.pdf. United Nations (2012) Low Carbon Green Growth Roadmap for Asia and the Pacific https:// sustainabledevelopment.un.org/index.php?page=view&type=400&nr=694&menu=1515 World Bank (2015) The FASTER Principles for Successful Carbon Pricing: An Approach Based on Initial Experience. https://openknowledge.worldbank.org/handle/10986/22641?show=full Assoc. Prof. Dr. Izlawanie Muhammad Associate Professor Taxation, Carbon Pricing and Accounting izlawanie@usim.edu.my economic implications associated with subsidy reforms. Finally, researchers should develop a comprehensive framework for energy subsidy reformation. The framework will serve as a vital resource for the government, facilitating its mission to implement workable carbon pricing policies that combat climate change effectively, safeguard energy- intensive industries, and relieve the financial strain on low- income segments of the population.