Page 21 - FDMAsia SepOct 2024

FOCUS 19
www.fdmasia.com | FDM ASIA SEP/OCT 2024

acknowledged that the STIDC has clear plans to improve both
the upstream and downstream sectors of Sarawak’s wood- mrpolyonymous
based industry. Noraihan also said there are opportunities
for collaborative efforts in boosting Malaysia’s wood-based

and bamboo industries.
STIDC General Manager, Zainal Abidin Abdullah, indicated
that the STIDC aims to transform and modernise the timber
industry with the goal of increasing export earnings to RM8
billion by 2030.
Zainal Abidin pointed out that a Sarawak Bamboo Community carbon project showcasing Malaysia’s capacity to develop its
Project involved 146 participants and covered more than own carbon projects to international standards.
63 hectares, while the commercial bamboo plantations had The auction attracted participation from businesses and
expanded to 3,597 hectares across Sarawak. organisations committed to reduce their environmental impact

through several credible pathways, one of them by offsetting
New Permanent Forest for Sarawak hard to abate GHG emissions through carbon credits.
A total of 31 areas in Sarawak have been proposed as new The auction of the domestic forest protection and
Permanent Forest Estates (PFE) covering an estimated 814,437 regeneration project was cleared at RM50 (roughly US$11.30)
hectares according to Deputy Premier, Awang Tengah Ali Hasan. per contract.
Currently, Sarawak has 67 Totally Protected Areas (TPA) A key factor for this conservation project is that it delivers
with a total area of more than 2.1 million hectares which tangible climate, community and biodiversity co-benefits

includes over 847,000 hectares of land and 1.2 million earning itself a Gold Level for Climate status under the
hectares of water bodies as well as 118 PFEs with a total Climate, Community and Biodiversity (CCB) Standard.
area of 3,960,381 hectares.
“I hope that the federal government would provide more Export growth recorded with major trading partners
funding through the Ecological Fiscal Transfer (EFT) for The Ministry of Investment, Trade and Industry (MITI) reported
conservation activities” said the Deputy Premier. that in the first five months of 2024 exports increased 1.7
Regarding mangrove forests, Awang Tengah disclosed percent year-on-year to RM126.05 billion while imports rose
that Sarawak has so far gazetted 12,950 hectares or 19 17.8 percent to RM111.76 billion.
percent of the total mangrove forest area in Sarawak as May marked the 50th consecutive month of surplus.

TPAs. Additionally, 11,084 hectares or 16 percent of the total Export growth was contributed mainly by higher demand for
mangrove forest area have been designated as PFE. machinery, equipment and parts, liquefied natural gas (LNG) as
well as palm oil-based products. Export growth was recorded
First carbon credits auction in major trading partners, ASEAN, the US and Taiwan.
Bursa Malaysia announced that its subsidiary Bursa Carbon
Exchange (BCX) conducted the first Malaysian Carbon Credit Sarawak/Japan MOU on forest ecosystem functions
Auction with carbon credits from the Kuamut Rainforest The Sarawak government signed a memorandum of understanding

Conservation Project in Sabah. (MoU) with National University Corporation Kyushu University
This represented a crucial step in Malaysian nature-based (Kyushu-U) in Fukuoka, Japan to facilitate bilateral collaboration