Latest news with #NationalCarbonMarketPolicy
Barnama
a day ago
- Business
- Barnama
13MP: Green Economy Agenda Intensified, Priority To Environmental Sustainability
KUALA LUMPUR, July 31 (Bernama) -- The government will intensify efforts to implement a comprehensive green economy agenda under the 13th Malaysia Plan (13MP), with a wide range of initiatives aimed at promoting environmental sustainability and accelerating the nation's transition to low-carbon development. Prime Minister Datuk Seri Anwar Ibrahim, when tabling the nation's five-year plan in the Dewan Rakyat today, said the green economy will serve as a development model that prioritises environmental stewardship while creating new, sustainable economic opportunities. As part of this effort, carbon trading will be streamlined through the introduction of the National Carbon Market Policy, the implementation of an Emissions Trading Scheme (ETS), and the provision of incentives for carbon credit projects. 'Apart from that, activities related to carbon capture, utilisation and storage (CCUS) will also be intensified and integrated into the nation's green investment and financing taxonomy,' he said. The Prime Minister said the government will also launch a pilot carbon capture project in the iron and steel industry, specifically in Kemaman, Terengganu, as part of efforts to decarbonise heavy industry. Abwar said that to support national decarbonisation goals across key sectors, green financing mechanisms will be expanded to provide broader access for industry players and project developers. He also revealed that the government has drafted a Malaysian Aviation Sector Decarbonisation Roadmap, which outlines infrastructure development and the use of sustainable aviation fuel (SAF) to reduce carbon emissions from air travel. In parallel, the government will optimise agricultural waste to drive a circular economy, turning biomass into new sources of value-added products. 'As such, the waste-to-energy plant programme will also be expanded through private sector collaboration to reduce the nation's reliance on landfills.
The Sun
23-07-2025
- Business
- The Sun
Kelantan explores rare earth mining and new energy for revenue growth
KOTA BHARU: The Kelantan government is actively exploring new revenue sources, including industrial mining of rare earth elements (REE), carbon exploration, and hydrogen energy development. Deputy Menteri Besar Datuk Dr Mohamed Fadzli Hassan stated these initiatives aim to diversify the state's income and reduce reliance on traditional revenue streams. 'We always identify new economic opportunities as future growth resources, including REE. Kelantan is the second state with the largest mineral resources of non-radioactive rare earth elements (NR-REE) in Malaysia,' he said during the State Legislative Assembly session at the Kota Darulnaim Complex. However, Mohamed Fadzli noted that progress must align with federal laws, particularly as the Ministry of Natural Resources and Environmental Sustainability (NRES) finalises the National Climate Change Bill and National Carbon Market Policy. 'This is because the Ministry of Natural Resources and Environmental Sustainability (NRES) is at the final stage of tabling the National Climate Change Bill, in addition to the National Carbon Market Policy that is expected to be passed by the end of this year,' he explained. The state's cautious approach reflects the need to balance economic opportunities with regulatory compliance. Kelantan's NR-REE reserves position it as a key player in Malaysia's mineral sector, pending federal approvals. – Bernama
Express Tribune
06-02-2025
- Business
- Express Tribune
Call to fast-track carbon policy
Listen to article LAHORE: Garment manufacturers and exporters have said that Pakistan's first-ever National Carbon Market Policy, launched in November last year, demonstrates the country's commitment to emissions reduction but it lags behind regional counterparts in ambition, sector-specific coverage and global integration, potentially limiting its effectiveness in attracting climate finance and investment. In a statement, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Regional Chairman Dr Ayyaz Uddin observed that the new policy marked a significant step towards integrating carbon trading into the broader climate strategy. The policy suggested that the government could encourage investment in carbon capture and storage as well as renewable energy through public-private partnerships, besides revising the high Carbon Adjustment Factor to a more flexible rate by ensuring participation of startups and SMEs. He recommended the launch of nationwide awareness campaigns and capacity-building programmes to involve communities and private sector as well as called for decentralising governance, encouraging regional collaboration and enabling cross-border carbon trading. Ayyaz Uddin stated that the government had pledged to reduce greenhouse gas (GHG) emissions by 50% by 2030, with 15% being unconditional and 35% depending on international support. Meanwhile, India has pledged 45% reduction in emissions intensity by 2030 and China has set the goal of peaking emissions by 2030 and achieving carbon neutrality by 2060. Bangladesh's Nationally Determined Contributions (NDCs) envisage an unconditional reduction of 12 million tons (5%) in GHG emissions from the business-as-usual scenario by 2030 and conditional reduction of 24 million tons (10%) with support from the international community. Bangladesh also has a strong focus on renewable energy. The PRGMEA regional chairman was of the view that sector-specific coverage for Pakistan was narrow, where sectors having high emissions such as cement, steel and transportation were underrepresented in the country's strategy while regional peers – India and China – prioritised those industries. Advanced technologies such as carbon capture and storage, and green hydrogen production were also areas where Pakistan lagged behind, he stated. He noted that the government was currently developing a nascent voluntary carbon market and was operating without a formal compliance framework. In comparison, India's market is more mature with a well-established PAT Scheme (since 2012) and discussions underway for a broader carbon trading mechanism. Meanwhile, Ghana is in an emerging phase, with initiatives largely centred on REDD+ (Reducing Emissions from Deforestation and Forest Degradation) projects. Ayyaz Uddin pointed out that Pakistan's carbon market efforts were currently focused on sectors such as agriculture and a developing energy sector. This contrasts with India's emphasis on heavy industry, including cement, steel, aluminium and power, Ghana's focus on forestry alongside renewable energy and transport, and Bangladesh's concentration on renewable energy (primarily solar and wind) and agriculture. By addressing such challenges, Pakistan can strengthen its carbon market policy, attract international investments and become a key player in global climate action. While the 2024 policy was a step forward, bold reforms and enhanced integration with international markets would be crucial for achieving climate targets, he remarked.
