By Karen Bong
KUCHING, Feb 11: Sarawak has an estimated 30 trillion cubic metres of carbon storage capacity in the seabed of its continental shelf.
Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg said that the depleted or abandoned petroleum fields in offshore areas are suitable for the development of secured and permanent storage of captured carbon dioxide (CO2) by oil and gas companies who now have obligations to reduce emission of CO2.
“Recently, Petronas Carigali Sdn Bhd has reached the final investment decision (FID) for the development of Kasawari Carbon Capture Storage (CCS) project off Bintulu and is expected to reduce 3.3 million tonnes of CO2 equivalent annually, making it one of the largest offshore CCS projects in the world.
“Additionally, reputable companies from Singapore, South Korea and Japan have also shown keen interest in participating and investing in CCUS in Sarawak,” he highlighted when addressing the Asean Education Cities Conference 2023 held at Sunway University in Selangor which was streamed live via Sarawak Public Communication Unit’s (Ukas) Facebook and YouTube platforms today.
With that, he added that Sarawak is developing a well-designed and well-connected carbon market for companies and individuals to reduce their carbon footprint, while also supporting transition to a low-carbon, climate-resilient future.
“The carbon market is a tool that can help to reduce carbon emissions by putting a price on carbon and incentivising companies and individuals to reduce their emissions in various forms, including cap-and-trade systems, carbon taxes, and offset programmes.
“Putting a price on carbon creates an economic incentive for companies and individuals to reduce their carbon emissions, by making it more expensive to pollute and less expensive to adopt clean energy and low-carbon technologies,” he said.
Abang Johari envisioned that a price on carbon can create a financial value for activities that sequester carbon, such as forest protection and reforestation which can incentivise landowners to protect and preserve forests, which play a crucial role in absorbing carbon dioxide from the atmosphere.
He also pointed out that Sarawak was the first in Malaysia to enact legislation permitting carbon and nature-based solution venture business.
“We have amended and gazetted our Forest (Forest Carbon Activity) Rules, 2022 which will provide a legal framework to regulate forest produce that covers carbon stocks and greenhouse gas (GHG) emissions in Permanent Forest Estates, both in the State and alienated land.
“We have also passed and gazetted the Land Code (Carbon Storage) Rules, 2022 to include the airspace and properties above the surface of the land, as well as the seabed of Sarawak’s continental shelf to provide legal framework for carbon capture, utilisation and storage (CCUS) activities in Sarawak,” he said.
Founder and chairman of Sunway Group Tan Sri Dr Jeffrey Cheah, its president Tan Sri Chew Chee Kin and its deputy chairman Dato Sri Idris Jala were among those present. — DayakDaily
