Sarawak government to collaborate with private sector to capitalise on carbon market potential

Abang Johari delivers his speech at the launching ceremony of the Action and Implementation Plan for the Post Covid-19 Development Strategy 2030 held at Borneo Convention Centre Kuching (BCCK) today. Photo: Sarawak Information Department (Penerangan)

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KUCHING, Feb 7: The Sarawak government will collaborate with the private sector to capitalise on carbon market potential, said Chief Minister Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said this included payment for ecosystem services within the legal framework to ensure transparency and accountability.

“The average carbon sequestration of tropical forests, such as in Sarawak, is approximately 11 tonnes of Carbon Dioxide equivalent (CO2e) per hectare.

“Based on one million hectares of high-yield and sustainable industrial forest plantation, the target for carbon trading potential is approximately RM140 to RM230 million based on the current average price of carbon.

“This is an immediately implementable initiative which represents only 10 per cent of the forestry sector under the Green Economy initiatives in Sarawak,” he said during the launching of the Action and Implementation Plan (AIP) for the Post Covid-19 Development Strategy 2030 (PCDS 2030) at Borneo Convention Centre Kuching (BCCK) today.

This is part of the Sarawak government’s efforts to ensure environmental sustainability in tackling climate change.

The State government has introduced various green energy initiatives, including hydrogen production.

Abang Johari also mentioned that the State government was practising sustainable management and conservation in the forestry sector to achieve world recognition.

The sector, he said, will provide inclusive growth by creating economic opportunities.

“We have set aside and maintained more than 50 per cent forest and tree cover, including national parks, nature reserves, and wildlife sanctuaries.

“The focus of forest management practices and stewardship is anchored on balancing the rate of deforestation and productivity. As such, we target one million hectares of private-driven tree plantation initiative,” he emphasised. — DayakDaily