Malaysia ‘s National Carbon Policy, which aims to provide guidance on carbon trading at the state level, is expected to be ready for carry out this year, said Natural Resources, Environment and Climate Change Minister Nik Nazmi.
He said the Malaysia Climate Change Action Council (MyCAC) meeting chaired by Prime Minister Anwar Ibrahim will be held on July 14 to present the latest status of the policy and detail the scope of legislation that needs to be enacted under the policy framework.
“The function at the federal level is to facilitate (for carbon trading activities) in the states involved, so we will prepare the policy this year... and the basis will be presented this week in MyCAC meeting,” Nazmi said.
Nazmi noted that based on the results of the discussion in the meeting later, the government will also examine the law enforcement requirements for regulatory aspects and monetization of carbon business.
He said that carbon trading “does not require any amendments to the law as it only involves legislation and policy,” he also added that the ministry actively held discussions related to carbon trading with the state governments since matters related to land for carbon storage are state matters.
Malaysia’s Deputy Prime Minister Fadillah Yusof said on June 30 that the government is studying a proposal to place carbon trading under the Ministry of Plantation Industries and Commodities (KPK).
Fadillah, who is also Plantation Industries and Commodities Minister, said that all issues related to carbon are under the jurisdiction of the Ministry of Natural Resources, Environment and Climate Change for now.