KUALA LUMPUR: The federal government will develop policies and guidelines while exploring the creation of a platform for trading blue carbon credits.
Finance Minister II Datuk Seri Amir Hamzah Azizan confirmed this initiative during his Dewan Negara address today.
He stated that “the Federal Government will collaborate with the Sabah Maju Jaya Secretariat (SSMJ) and the Sabah State Forestry Department to ensure the successful implementation of blue carbon credits in achieving the desired goals and targets”.
Amir Hamzah elaborated that “blue carbon refers to the carbon absorbed, stored, and preserved by coastal and marine ecosystems”.
He explained that “blue carbon initiatives involve efforts to protect, restore, and sustainably manage ecosystems such as mangrove forests and coastal wetlands”.
The minister highlighted that “these initiatives help mitigate climate change, protect coastlines, conserve marine biodiversity, provide socioeconomic benefits to coastal communities, and generate economic growth through the blue carbon credit market”.
Amir Hamzah was responding to Senator Datuk Anna Bell @ Suzieana Perian’s query about federal collaboration with Sabah on blue carbon initiatives.
He revealed that “Sabah’s blue economy potential would be harnessed by strengthening the fisheries and aquaculture sectors, shipping and ports, as well as coastal and maritime tourism”.
The government will also explore “blue renewable energy potentials, such as ocean thermal energy conversion”.
Amir Hamzah added that “the blue economic hub in Sabah will be developed to support the growth of identified strategic industries”.
He noted that “blue carbon initiatives will also be explored by utilising Sabah’s mangrove forests, which account for 59 per cent of the country’s total mangrove forest area”.
The federal government will enhance blue economic growth by “empowering the shipbuilding and ship repair industry (SBSR), including attracting investments to strengthen green shipping and the supply of local fuel”.
Amir Hamzah concluded that “the federal government is ready to explore cooperation with SSMJ to develop the blue economic hub in Sabah, including the SBSR industry”. – Bernama