Golden chance to define carbon market

KUALA LUMPUR: Malaysia’s upcoming ASEAN chairmanship offers a golden opportunity to establish a regional carbon market, said Deputy Minister of Energy and Environmental Sustainability Datuk Dr Hazland Abang Hipni.
“Currently, ASEAN lacks a formal carbon trading system, relying on a voluntary market with relatively low prices,” he said in a statement.
“Unlike regions like Europe and Australia, we don’t have a compliance-based carbon emissions trading system (ETS).
“This system would significantly benefit countries like Malaysia, Thailand, Indonesia, Vietnam, and Laos, which are actively exploring nature-based solutions,” he added.
Sarawak is already leading the way in sustainable initiatives.
The state has implemented a waste-to-energy (WTE) system to generate energy and revenue from waste.
“Sarawak’s WTE policy categorises waste into various types, including plastics and household waste. This approach not only generates revenue but also creates jobs,” he said.
Additionally, Sarawak is exploring microalgae farming for sustainable aviation fuel (SAF) production.
“Microalgae double every three days, ensuring continuous revenue and supporting Malaysia’s oil production,” he added.