BANGKOK: Sarawak is unlocking new business avenues through its oil and gas sector now strengthened by the Carbon Capture, Utilisation and Storage (CCUS) technology said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
This will become a major contributor to Sarawak’s Gross Domestic Product (GDP), with it projected to exceed RM60 billion in 2030.
He said the Environment (Reduction of Greenhouse Gases Emission) Ordinance 2023 and the Land (Carbon Storage) Rules, 2022, tailored for CCUS are the guiding lights illuminating the path for Sarawak towards a greener future.
“In our ongoing battle against climate change, Sarawak’s legal framework stands as a sturdy foundation which offers hope and direction.
“With the amendment of the Forest Ordinance 2022 and formulation of Forest (Forest Carbon Activity) Rules 2023, we are not only safeguarding our natural heritage but also paving the way for sustainable economic growth.
“This legislation facilitates carbon market activities, unlocking new avenues for environmentally conscious businesses while preserving our invaluable forests,” he said during his keynote address at the Future Energy Asia 2024 Summit here today.
Abang Johari said Sarawak has embraced a holistic approach to development through the implementation of the Green Economy Policy.
“This policy integrates environmental and social sustainability into our economic endeavours, ensuring that our growth is not only robust but also responsible,” he said.
Sarawak, he said is in a good position to become a strong player in reversing climate change given the state has a 62 percent forest cover.
“With our long coastline, mountainous terrain, and a network of rivers, along with fertile soil and abundant rainfall, we are blessed with ideal conditions for hydropower development. This has been instrumental in our journey of economic transformation and rapid shift towards clean energy.
“We have been fortunate to have traditional energy sources like oil and gas and later we started developing our renewable energy potentials to drive our ambition of turning Sarawak into a green economy in a concerted effort together with the rest of the world to address climate change,” he said.
