What carbon pricing mechanisms is Sarawak considering to cut carbon intensity?

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Sarawak's Approach to Carbon Pricing Mechanisms for Reducing Carbon Intensity

Sarawak is exploring the implementation of carbon pricing mechanisms as a key strategy to align with Malaysia's Paris Agreement commitment of reducing carbon intensity by 45 per cent by 2030. While the specific details of these mechanisms are still being developed, the state government has indicated its intention to establish such frameworks as part of a broader suite of decarbonisation initiatives. These efforts are underpinned by a recognition of Sarawak's significant natural assets, including its extensive forest cover, which acts as a vital carbon sink, and its vast continental shelf offering substantial carbon storage potential.
Establishment of Carbon Pricing Mechanisms

The Sarawak government has identified the establishment of carbon pricing mechanisms as one of the actions to be undertaken to meet its climate targets. This is part of a comprehensive strategy that also includes developing energy transition pathways, a digital carbon management platform, and exploring a hydrogen economy and biofuels. The intention is to create economic incentives that encourage the reduction of greenhouse gas emissions across various sectors within the state.
Broader Decarbonisation Strategy

These carbon pricing efforts are situated within a wider context of Sarawak's commitment to environmental sustainability and economic development. The state aims to balance growth with the conservation of its rich biodiversity, which includes investing in nature-based solutions like reforestation and implementing strict regulations on industries such as palm oil. Furthermore, Sarawak is actively pursuing technological innovations, including algae-based biofuels and offshore carbon capture and storage (CCS) projects like the Kasawari development, which is expected to capture millions of tonnes of CO2 annually.
Legislative Framework for Emission Control

Sarawak has also taken a pioneering legislative step by enacting the Environment (Reduction of Greenhouse Gases Emission) Bill last year, the first of its kind in Malaysia. This law provides a legal foundation for controlling greenhouse gas emissions, promoting carbon capture and storage technologies, and working towards achieving zero emissions by 2050. It mandates businesses to report their carbon emissions and sets limits, with penalties for non-compliance, thereby reinforcing the regulatory environment in which carbon pricing mechanisms would operate.

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What carbon pricing mechanisms is Sarawak considering to cut carbon intensity?

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