KUCHING: The federal government is committed to establishing a forest carbon project development fund as part of the 2024 Budget to assist state governments interested in pursuing forest carbon project initiatives.
Deputy Minister of Natural Resources and Environmental Sustainability Datuk Seri Huang Tiong Sii said that in addition to that, engagement sessions on the National Climate Change Bill (RUUPIN) and the National Carbon Market Policy (DPKK) with the state government are actively being conducted.
“These sessions are held to discuss and detail matters related to RUUPIN and DPKK, as well as to gather input and understand the interests and priorities from the perspective of the state government in the development of RUUPIN and DPKK,” he said.
He was speaking at the International Day for the Conservation of Marine Forest Ecosystems at the Hilton Hotel today.
The Sarikei MP noted that Sarawak has received an allocation of RM55.4 million for the Ecological Fiscal Transfer for Biodiversity Conservation (EFT) since the implementation of the financial incentive began in 2019.
This incentive, he said, is provided to state governments that undertake efforts to protect water catchment areas and existing protected areas, as well as to expand new protected areas and permanent forest reserves.
Huang said the federal government, through his ministry, is committed to achieving environmental sustainability and has allocated RM550 million in EFT to the involved states up to this year.
“I sincerely hope that this EFT allocation can be fully utilised to implement programmes or activities for the preservation and conservation of forests, including the declaration of new mangrove forest areas at the state level,” he added.
In addition to the EFT financial incentive, Huang who is the Repok assemblyman, said that the ministry has also introduced the REDD Plus Finance Framework (RFF).
This framework aims to enhance cooperation between the private sector and state government in channeling funds for forest conservation and management activities.
“Through the RFF, two proposed instruments, namely the Forest Conservation Certificate (FCC) and Forest Carbon Offset (FCO), have been developed by the Malaysia Forest Fund (MFF).
“The FCC instrument was launched last May during the Global Forum on Islamic Finance and Economics (GFIEF),” he said.
Meanwhile, the event was held to raise public awareness about the preservation and conservation of mangrove forest ecosystems, including coastal areas, to ensure the continuity of their roles and contributions to the environment and global society.
Themed ‘Treasure the Mangroves,’ it emphasised a comprehensive combination of well-being values encompassing economic, social, and environmental sustainability, in line with the efforts being undertaken by the government to continue preserving and conserving mangrove forests in Malaysia.
The event was officiated by Deputy Premier Datuk Amar Awang Tengah Ali Hasan.
Also present were the chief secretary to the Ministry of Natural Resources and Environmental Sustainability (NRES) Datuk Dr Ching Thoo Kim, deputy director-general of the Forestry Department of Peninsular Malaysia (JPSM) Datuk Zahari Ibrahim, as well as heads of state and federal departments.
