KUCHING, Nov 22 (Bernama) -- Sarawak will take advantage of its mass forest area to diversify its revenue base by venturing into carbon credit trading, said Chief Minister Datuk Patinggi Abang Johari Tun Openg.
Acknowledging the state’s forest as an overlooked and undervalued asset, he said the state should now spread the revenue base from its forest to a wider spectrum, apart from royalties and taxes collected from logging operations.
“There’s a lot of potential in the forest from the wider perspective and it does not even require the cutting of the trees,” he said in his speech at the Sarawak Forest Department’s 100th year anniversary gala dinner here tonight.
Abang Johari said the state government had recently signed a Memorandum of Agreement with Shell International on a carbon credit project as a new source of revenue from the state’s forests.
“New carbon partners are needed also to be sought in order to harness this new source of revenue and fund our Forest Landscape Restoration programmes,” he said.