KUALA LUMPUR – The Environment and Water Ministry is drafting a law to regulate carbon trading activities which is expected to be ready by the end of the year, said its minister Datuk Seri Tuan Ibrahim Tuan Man.
He said the ministry had developed a Voluntary Carbon Market as a general guide for any entities in the country, such as the private sector and state governments, wishing to engage in voluntary and international carbon markets.
“The cabinet has also agreed with the ministry’s proposal to develop a single carbon trading platform. We have discussed the matter with Bursa Malaysia and InsyaAllah, by the end of 2022, Bursa Malaysia is expected to complete the development phase for carbon trading at the national level,” he added.
He said this during Minister’s Question Time in response to a supplementary question from Wong Hon Wai (Bukit Bendera-PH) on existing mechanisms and laws to regulate the carbon business in Malaysia.
To a question from Charles Anthony Santiago (Klang-PH) on short-term and long-term plans for repair of the drainage system in Klang, Tuan Ibrahim said the Drainage and Irrigation Department (DID) was ready with plans.
“The short-term plan involves a river rehabilitation project to reduce flood risk which has been approved by the federal government under the 12th Malaysia Plan for Selangor,” he said.
Tuan Ibrahim said the Second Rolling Plan of the 12MP involved 13 works which are in the implementation stage and the 37 (remaining) projects in the procurement stage, costing a total of RM10 million.
For the long-term plan, he said the DID was implementing the Sg Aur Bank Stabilisation Project in Klang, involving a cost of RM10.32 million and expected to be completed on March 9, 2023, as well as the Sg Kapar Kecil and Sg Kapar Besar Flood Mitigation Plan in Klang and Petaling with an allocation of RM188 million. – Bernama, March 1, 2022
