Malaysia’s Ministry of NRES developing National Carbon Market Policy
The Ministry of Natural Resources and Environmental Sustainability (NRES) in Malaysia is currently undertaking a study on the National Carbon Market Policy (DPKK), with completion slated for next year. This was announced during a session at the Dewan Rakyat.
Minister Nik Nazmi Nik Ahmad highlighted that the policy aims to support the adoption of both compliance and voluntary carbon market mechanisms in Malaysia. This move is intended to facilitate the implementation of carbon projects by investors while aligning with the Nationally Determined Contributions (NDC) Roadmap, which aims to reduce greenhouse gas (GHG) emissions intensity by 45 percent by 2030.
Additionally, the DPKK is formulated to aid relevant stakeholders, including state governments and the private sector, in developing the local carbon trading industry. Nik Nazmi emphasized ongoing discussions with state governments regarding carbon market mechanisms, noting that matters related to land and forestry fall within the jurisdiction of the state government.
The Minister responded to questions from Datuk Ali Biju (PN-Saratok) regarding the status of carbon trading implementation in Malaysia and the direction of the national carbon policy. Regarding a query about the potential introduction of a carbon tax, Nik Nazmi stated that discussions are underway with stakeholders led by the Ministry of Finance, responsible for taxation matters. NRES has provided technical input to this process.
Addressing concerns about the transition to targeted subsidies, Nik Nazmi clarified that the objective is not to increase government revenue but to achieve net-zero carbon emissions. He emphasized the importance of examining this matter comprehensively, particularly regarding existing carbon subsidies for items such as petrol, diesel, and natural gas.
The development of the National Carbon Market Policy underscores Malaysia’s commitment to environmental sustainability and its efforts to mitigate climate change impacts through comprehensive policy measures.
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