KOTA KINABALU – Sabah Deputy Chief Minister Datuk Seri Jeffrey Kitingan has called on Prime Minister Datuk Seri Anwar Ibrahim to expand Sabah’s carbon market.
Having spoken to Anwar during a private discussion, Kitingan said the state government has already set aside two million hectares for carbon exchange purposes.
“I have discussed this matter with the prime minister.
“We have already designated two million hectares of forests for carbon trading.
“We can now sell to the world and attract investments,” Kitingan told reporters after delivering his keynote speech on Sabah’s new sources of revenue during a panel discussion at the Institute of Development Studies.
A carbon exchange centre or carbon market is a financial marketplace where carbon credits are bought and sold.
It serves as a platform for trading greenhouse gas emissions allowances and offsets.
Additionally, Kitingan said he has also mentioned to Anwar the interest expressed by some companies in funding flood mitigation works in Sabah, which cost around RM17 billion.
“In exchange for their involvement, these companies have shown interest in obtaining sand.
“I believe this will solve the problem, as it has already been implemented in Peninsular Malaysia.
“We would compensate them solely with sand, which I consider to be a good idea,” he said.
Meanwhile, Kitingan also held a meeting on carbon trading with the state’s steering committee in July.
“We are making progress with carbon trading...hopefully, we can begin soon.
“We will start on a small scale, and the Forestry Department is currently examining the details.” – The Vibes, June 22, 2023
