By Fasiha Khushiri
KUCHING: The setting up of carbon storage sites in Sarawak will allow the state to acquire a regulatory right to secure a new source of revenue.
Azizul Adenan (GPS-Tanjung Dato) said this can be achieved through the passing of the Land Code (Amendment) Bill 2022 in the House.
“Revenues, if any, will be generated from the sale and trading of carbon credits yielded from the capture and storage of carbon dioxide, through the imposition of levies, royalty or resource tax like in certain countries.
“If the amendment is not passed, only certain entities will be the sole beneficiary of all revenues derived from carbon storage,” he said during debate time at the DUN sitting today.
He said the proposed amendment will also create a new dynamic in the state’s collective effort in saving the environment and reducing its reliance on fossil fuel.
“This is to ensure a better future for our young Sarawakians and the world as a whole.
“I do not think there is any other state in this country or in this region that has this foresight in securing our rights on land and particularly on carbon storage,” he said.
Additionally, he said the passing of the Bill could also provide for an added value or new revenue stream for the state.