KUCHING, Sept 7: Sarawak has undeniably distinguishes itself as a standout exemplar in this arena despite carbon market sector is relatively nascent.
Head of Bursa Malaysia Carbon Exchange Market Operations, Dr Wei-nee Chen commended the region’s remarkable strides in the field, highlighting its remarkable and assertive growth trajectory.
She added it’s truly gratifying to observe Sarawak’s leading position in the Malaysian carbon market among all the states.
Highlighting Sarawak’s substantial forested expanse presents significant prospects within the realm of carbon trading. The state has also amended their Land Codes as well as their Forests Ordinance.
“I think the Premier, Datuk Patinggi Tan Sri Abang Johari Tun Openg is really ahead of the game when he is going to be depending less on hydrocarbon and more on clean energy.
“This is where the sales of carbon credit can help the state government and also the nation to transition and help us to achieve the Nationally Determined Contributions (NDC) commitment.
“In terms of the carbon capture opportunities, there are ample opportunities for Sarawak to generate carbon credits,” she said at the Sustainability & Renewable Energy Forum (SAREF 3.0) at the Borneo Convention Centre Kuching (BCCK) today.
In regards to the carbon market, Dr. Wei-nee explained that it operates as a reward-based system designed to incentivise entities that actively reduce their emissions.
“Voluntary carbon market space is actually a reward based system whereby if a project developer implements a carbon project that reduces emissions from entering into the atmosphere, that emissions reduction can be monetised through the sales of carbon credits.
“These are some ways which companies can help to meet their climate obligations through the purchase of carbon credits,” she pointed out.
In March this year, Bursa Malaysia’s subsidiary, the Bursa Carbon Exchange held the country’s first carbon credit auction, which is aimed at offsetting emission footprint from corporate sectors. -TVS
