Malaysia’s expansive forests present an opportunity for generating carbon credits, but realising this potential is fraught with jurisdictional complexities, says a sustainability specialist.
KUALA LUMPUR: Malaysia, renowned for its lush rainforests and rich ecosystems and ranked the 12th most megadiverse country in the world, stands at a crossroads where environmental conservation meets economic opportunity.has gained unprecedented significance. Malaysia’s expansive forest cover presents a substantial opportunity for generating carbon credits , yet the journey toward realising this potential is fraught with complexities, primarily stemming from an intricate jurisdictional landscape.
This decentralisation of power poses a hurdle to the effective management and regulation of forests, particularly concerning carbon credit initiatives. Yet, despite this jurisdictional challenge, Malaysia is expected to launch its first local nature-based carbon credit through the Kuamut Rainforest Conservation Project in Sabah, a project that started a little over six years ago.
Thus, the convergence of economic dependency on logging and the undervaluation of nature-based credits creates a formidable barrier to fostering meaningful conservation, let alone reforestation, necessary for carbon credit generation in Malaysia.Serious challenges also stem from the lack of uniformity in forest management practices across Malaysian states. Varying regulations, enforcement capabilities and conservation priorities contribute to inconsistencies in carbon sequestration efforts.
In response to this, verification schemes such as Verra’s Climate Community & Biodiversity Standards continue to advocate for thoughtful projects on sustainable land management to help indigenous communities benefit from new jobs, secure tenures to land and protect traditional cultures.
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