RM5.6bil from carbon credit deals
Published on: Monday, January 24, 2022
Sabah is expected to rake in RM5.6 billion in annual revenue through carbon credit deals and nature monetising efforts.Deputy Chief Minister Datuk Seri Jeffrey Kitingan said with Sabah’s natural assets well-positioned to generate new sources of revenue for the State, Jeffrey said the carbon trade deal and funding with nature conservation is set to unlock the State’s conservation assets.
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“We have taken steps to modernise the industry and generate revenue from Sabah’s many natural assets which is expected to generate RM2.2 billion to RM5.6 billion yearly without cutting a single tree,” said Jeffrey.
Speaking at the Sabah International Business and Economic Summit (Sibes), Kitingan said the success of the Nature Conservation Agreement is expected to lure an estimated USD10 billion or RM41.8 billion in private funding.
“The project will also see innovative technologies being deployed, which include satellite services, drone technologies and AI (artificial intelligence),” he said.
Drawing on this initiative, Jeffrey noted Sabah would be moving into a green and circular economy, which meets the United Nation’s 17 sustainable development goals.
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