KUALA LUMPUR, Aug 27 — The Federal Government will develop policies or guidelines and explore the creation of a platform for trading blue carbon credits, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
Amir Hamzah, carrying out the duties and functions of the Minister of Economy, said that the Federal Government will collaborate with the Sabah Maju Jaya Secretariat (SSMJ) and the Sabah State Forestry Department to ensure the successful implementation of blue carbon credits in achieving the desired goals and targets.
He elaborated that blue carbon refers to the carbon absorbed, stored, and preserved by coastal and marine ecosystems.
He said that blue carbon initiatives involve efforts to protect, restore, and sustainably manage ecosystems such as mangrove forests and coastal wetlands.
“In general, these initiatives help mitigate climate change, protect coastlines, conserve marine biodiversity, provide socioeconomic benefits to coastal communities, and generate economic growth through the blue carbon credit market,” he told the Dewan Negara today.
Amir Hamzah was responding to a supplementary question from Senator Datuk Anna Bell @ Suzieana Perian regarding blue carbon initiatives and whether the Federal Government would collaborate with Sabah to implement these initiatives.
Earlier, Amir Hamzah said that Sabah’s blue economy potential would be harnessed by strengthening the fisheries and aquaculture sectors, shipping and ports, as well as coastal and maritime tourism.
He also noted that blue renewable energy potentials, such as ocean thermal energy conversion, would be explored.
“The blue economic hub in Sabah will be developed to support the growth of identified strategic industries.
“Blue carbon initiatives will also be explored by utilising Sabah’s mangrove forests, which account for 59 per cent of the country’s total mangrove forest area,” he added.
Amir Hamzah said that the federal government will enhance blue economic growth by empowering the shipbuilding and ship repair industry (SBSR), including attracting investments to strengthen green shipping and the supply of local fuel.
“Sabah has great potential to advance the SBSR industry. In this regard, the federal government is ready to explore cooperation with SSMJ to develop the blue economic hub in Sabah, including the SBSR industry,” he said. — Bernama
