PETRONAS collaborates with Sarawak Forestry Corporation to develop nature-based solutions projects

PETRONAS and Sarawak Forestry Corporation, a statutory body of the Government of Sarawak, have signed a Memorandum of Understanding to explore and develop nature-based solutions projects in Sarawak.

NbS are activities related to the conservation and restoration of natural ecosystems to eliminate greenhouse gas emissions. NbS projects must be of high quality and integrity and meet internationally recognized certification standards.

Under the MoU, both parties will identify and explore potential sites in Sarawak to develop NbS projects that generate and deliver co-benefits to local communities and biodiversity. The collaboration will also prioritise the development of local capacities and knowledge required to implement the NbS projects.

Carbon credits generated through NbS are essential for PETRONAS to offset residual and hard-to-eliminate emissions, thereby complementing the company’s goal of achieving net-zero carbon emissions by 2050. In the carbon mitigation hierarchy, reducing emissions is the highest priority after taking steps to avoid producing them.

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Wan Sayuti Wan Hussin, General Manager (Strategy, Policy and Regulation) of Corporate Sustainability at PETRONAS, and Tuan Abang Arabi Abang Aimran, Managing Director of Sarawak Forestry Corporation, exchanged the signed documents, in the presence of Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Bin Tun Datuk Abang Haji Openg, Chief Minister of Sarawak, and Charlotte Wolff-Bye, Vice President and Chief Sustainability Officer of PETRONAS.

Wolff-Bye said: “Malaysia is one of the most biologically diverse countries in the world. As we progress on our journey towards net-zero carbon emissions by 2050, it is imperative to seek collaborative efforts on nature-based solutions that help sequester carbon emissions and support Malaysia’s forests. We are delighted to collaborate with the Sarawak Forestry Corporation to facilitate the development of NbS projects. This collaboration enables PETRONAS to unlock the potential of NbS in Sarawak and use it to sustainably support the natural environment, tackle emissions and raise the standard of living of local communities.”

Carbon credits generated through NbS are essential for PETRONAS to offset residual and hard-to-eliminate emissions

Abang Arabi said this collaboration is a good start for a possible medium-term collaboration in identifying NbS sites.

“Conservation is a marathon that requires not only scientific expertise but also commitment and sustained funding. PETRONAS has collaborated with us on several conservation projects over the years, including two coral reef conservation projects: the Beacon project in Bintulu and the Miri-Sibuti coral reef conservation project in Miri,” said Abang Arabi.

“We look forward to continuing this partnership with PETRONAS and working together to protect natural habitats through this NbS exploration in Sarawak.”