A well-designed and well-connected carbon market can help Sarawak’s economy to grow besides protecting its environment at the same time.
In pointing this out, Sarawak Premier, Datuk Patinggi Tan Sri Abang Johari Tun Openg added, “Carbon market is gaining momentum around the world. It plays a key role as one of the most effective measures available to reduce climate pollution at the scale and pace of science demands.”
In his ministerial winding up speech at the august House today, he further explained, “A price on carbon promotes investments in cost-effective emissions reduction today while allowing innovation in low-carbon technologies for the future. Energy efficiency earns its full return and forest protection has clear economic values.”
Abang Johari assured that Sarawak would be embarking on all necessary best practices benchmarked against internationally acceptable practice including the verification of carbon credit trading from internationally acknowledged verification entities.
“I envision that our new economy towards the carbon market will provide an ambitious signal to future generations and build the deep, transformative change we urgently need,” he said.
The Premier also described the state’s efforts to deploy Carbon Capture Utilisation and Storage (CCUS) in Sarawak as timely with the passing of the Land Code (Amendment) Bill 2022.
“We are in a much better position with some of the important policy tools in place.
“I know we have all the tools to do so. Our models consistently show that carbon capture and storage (CCUS) are very powerful mitigation technologies and that, without them, our transition to low-carbon will be very difficult,” said Abang Johari.
He added that he envisioned the creation of an ideal ecosystem for carbon dioxide storage hubs and linking these hubs to industrial hubs and the international carbon market.
“I believe with the newly established Energy and Environmental Sustainability Ministry, we will intensively embark on this initiative collaborating with expertise internationally as well as recruiting our own Sarawakian talents, both locally and abroad.
“Hence, we all need to be well versed and updated with climate change agenda, mitigation and adaptation measures as well as understanding the concept of carbon market mechanism,” he stressed.
