Lack of understanding to blame for carbon trading delay, says Jeffrey
Published on: Friday, March 15, 2024
By: Malay Mail
The state agriculture, fisheries, and food industry minister said many in the state did not understand the definition of nature capital and were still against the Nature Conservation Agreement.
Kota Kinabalu: Deputy Chief Minister Datuk Seri Jeffrey Kitingan has blamed misconceptions and misunderstandings for the delay in implementing the controversial carbon credit project in Sabah that was signed in October of 2021.
The state agriculture, fisheries, and food industry minister said many in the state did not understand the definition of nature capital and were still against the Nature Conservation Agreement (NCA).
ADVERTISEMENT
“Some people — our own officials in the government — are unfamiliar with what nature capital means. Because they lack the understanding, they don’t want us to go ahead, so we will address that as soon as possible,” he said.
He said that some perceive natural capital as including minerals and mining which added to the apprehension.
“But we do not want to destroy the environment. We need to raise funds for the state, we do not have enough money and we do not want to destroy the environment, so let’s conserve and make money doing it.
“Some people’s minds are still narrow, so we need to educate them,” he said, adding that he believed there were parties who were more keen on logging, still out to sabotage the agreement.
ADVERTISEMENT
Carbon trading specifically addresses greenhouse gas emissions and investments in nature capital typically involve funding conservation, restoration, and sustainable management efforts, whereas investments in carbon trading centre on acquiring emissions permits or credits to incentivise emission reductions.
The NCA, signed between the state government and Singapore-based Hoch Standard Pte Ltd granted monopoly rights of two million hectares of a forest located in Sabah.
ADVERTISEMENT
Conservationists and civil groups claimed the agreement was made without respecting Sabah Indigenous Peoples’ rights, including their rights to consultation and free, prior and informed consent (FPIC) and also the designated areas under the project.
After immense pressure, the deal has been placed on hold while the state asks for more documentation and clarification in the agreement.
Among them is a clearer designated area, a management plan, securing consent from indigenous communities where necessary, establishing carbon pricing and price discovery mechanisms, ensuring independent oversight, setting objective performance goals, safeguarding key economic sectors, and revenue sharing arrangements.
Additionally, the agreement requires confirmation of the truth and reliability of Hoch Standard’s representation and capability to undertake the carbon trading project.
Kitingan, who insisted that the project would benefit the state, has said that the pilot project would involve only 600,000 hectares, some of it in the Nuluhon Trusmadi forest reserve.
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
