By Shikin Louis
KUCHING, July 26: The Federal government has introduced the Forest Carbon Project Development Fund to support any state governments that wish to be involved in forest carbon activities.
Deputy Minister of Natural Resources and Environmental Sustainability (NRES) Dato Sri Huang Tiong Sii said the federal government has approved a substantial amount under the Federal Budget 2024 to implement the Fund.
“In addition, engagement sessions regarding the National Climate Change Act (RUUPIN) and National Carbon Market Policy (DPKK) with the state governments are being actively implemented.
“This session is held to discuss and scrutinise matters related to RUUPIN and DPKK as well as to get input and understand the importance and priorities from the perspective of the state governments in the development of RUUPIN and DPKK,” he said during the National-level International Day for the Conservation of the Mangrove Ecosystem celebration held at Hilton Hotel here today.
Huang also said his ministry has introduced Ecological Fiscal Transfer for Biodiversity Conservation (EFT) since 2019, which is a financial incentive given to state governments that undertake forest conservation efforts.
Since EFT was introduced, he stated that Sarawak has received an EFT allocation of RM55.4 million.
“I sincerely hope that the EFT provision can be fully utilised to implement forest preservation and conservation programmes or activities, including the gazetting of new mangrove forests at the State level,” he added.
The NRES had also introduced the REDD Plus Finance Framework (RFF) to increase cooperation between the State government and private sector in channeling funds to forest conservation and management activities.
Through RFF, two proposed instruments, namely Forest Conservation Certificate (FCC) and Forest Carbon Offset (FCO), were developed by the Malaysia Forest Fund (MFF).
Last May, the FCC instrument was launched during the organisation of the Global Forum on Islamic Finance and Economics (GFIEF).
Also present at the celebration were Deputy Premier of Sarawak, Datuk Amar Awang Tengah Ali Hasan; NRES secretary-general Dr Ching Too Kim; MUDeNR permanent secretary Datu Abdullah Julaihi; and Forestry Department of Peninsular Malaysia deputy director-general (Policy and Planning) Dato Zahari Ibrahim. — DayakDaily
