JULAI 2024
Sarawak To Enhance Carbon Trading With Land Issuance Policies
BINTULU, 22 July— The Premier of Sarawak, Datuk Patinggi Tan Sri Abang Abdul Rahman Zohari Tun Datuk Abang Openg, announced today that the state's land and survey department will be issuing land for carbon sink projects.
This initiative aims to facilitate carbon trading by allocating land to individuals or corporations capable of managing carbon absorption based on the area's suitability and the type of forest or trees.
"For carbon sink, the land and survey will issue the land to anybody—individual or corporate—that manages carbon trading, depending on the area where we plan to absorb the carbon and also depending on the type of trees or area that can absorb carbon more," said the Premier.
Speaking at the Sarawak Chamber of Commerce and Industry business dialogue, the Premier highlighted the economic and environmental potential of mangrove forests in carbon storage.
"For the ordinary forest compared to mangrove, the price on mangrove is higher than ordinary trees. As you know, there is carbon storage in mangrove itself. In other words, the carbon inside the mangrove swamp is very high yield in terms of storage compared to the ordinary forest tree," he explained.
The policy will see the land and survey department issuing licenses for carbon sink projects to entities that have suitable areas for high carbon absorption.
This initiative aims to leverage the high carbon absorption capacity of mangroves to enhance Sarawak's carbon trading market. Entities involved in these projects will be issued licenses by the Land and Survey department to facilitate their operations.
Additionally, the Premier outlined that Carbon Capture, Utilization, and Storage (CCUS) projects in Sarawak would be managed by PETROS, the state-owned oil and gas company.
"For CCUS, under the Sarawak Land Code, the manager is PETROS because it involves gas. So the one that manages our CCUS offshore is PETROS," he stated.
Also present were, Also present were Sarawak Transport Minister Dato Sri Lee Kim Shin, Sarawak State Secretary Datuk Amar Mohamad Abu Bakar Marzuki, Tanjong Batu Assemblyman Johnny Phang, and Sarawak Chamber of Commerce and Industry (SCCI) President Dato Sri Abang Abdul Karim Tun Datuk Abang Openg.