Carbon storage can be monetised as new revenue stream for Sarawak

Azizul Annuar Adenan

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By Ashley Sim

KUCHING, May 19: Carbon storage can be monetised and would be a new revenue stream for Sarawak, according to Tanjung Datu assemblyman Azizul Adenan (GPS-PBB).

With the passing of the Forests Amendment Bill 2022, Azizul believed entities, landowners, and the State would have the option to maintain the forest as a carbon stock and would be more likely to replant or plant new trees on their land.

The Bill was read by the Deputy Premier Datuk Amar Awang Tengah Ali Hasan, who is also the Second Minister for Urban Development and Natural Resources, at the Sarawak Legislative Assembly (DUN) sitting here today.

“As I said in my debate yesterday, carbon storage or carbon credit could be monetised if needed and it would be a new revenue stream for our State.

“It could be beneficial to landowners too, as they are entitled to participate in carbon trading,” he said while debating the Bill.

He continued stating that it would also have an impact on certain entities with their current business models.

“They might have to adapt to a new business model where keeping the forest intact might be more beneficial to them financially rather than continue with their old ways of doing business.

“This will ultimately lead to us having a better environment and reducing the rate of climate change.

“I stress that this is an incentive for landowners including our State to do our part in reducing carbon emissions and achieve the net zero emissions target,” said Azizul.

He also stated that he fully supports the government’s decision to adopt the “Verified Carbon Standard (VCS)” by Verra Institution, and that through the organisation, projects such as forest restoration can be carried out, and as a result, Sarawak’s carbon stocks are certified and verified to be traded in carbon markets.

“This gives a whole new perspective on forest conservation in Sarawak and, in particular, the State’s timber industry,” he added. — DayakDaily