Malaysian economy has experienced two financial crises in <12 years. The Asian financial crisis started in Thailand on July 1997, which intensively affected the Malaysian Ringgit within days. The rate of the Malaysian gross domestic product (GDP) dropped to −7.36 at its nadir in 1998. In 2008, the global financial crisis hit Western countries and rapidly affected the economic growth of Malaysia. The GDP growth decreased by 0.1% in the last quarter of 2008, and reached −1.51 in a particular

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... tion in 2009. Through a qualitative analysis, this paper investigates the CO 2 emission during these financial crises by focusing on three main fuel CO 2 emission, namely, coal, natural gas, and petroleum. This study shows that the rate of CO 2 emission growth in Malaysia decreased despite the negative GDP during both crises, but the carbon emission trend did not decline.