PETRONAS Collaborates with Sarawak Forestry Corporation to Develop Nature-Based Solutions Projects

KUCHING, 19 Aug, 2024 – PETRONAS and the Sarawak Forestry Corporation, a statutory body of the Sarawak Government, have signed a memorandum of understanding (MoU) to explore and develop Nature-based Solutions (NbS) projects in Sarawak.

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

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

Carbon credits generated through NbS are integral for PETRONAS to offset residual and hard-to-abate emissions, complementing the Company's Net Zero Carbon Emissions by 2050 Pathway.  In the carbon mitigation hierarchy, reducing emissions is the top priority after first taking measures to avoid producing them.

PETRONAS Senior General Manager (Strategy, Policy & Regulation), Corporate Sustainability, Wan Sayuti Wan Hussin, and Sarawak Forestry Corporation General Manager, Tuan Abang Arabi Abang Aimran exchanged the signed documents, witnessed by Sarawak Premier Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Bin Tun Datuk Abang Haji Openg and PETRONAS Vice President & Chief Sustainability Officer, Charlotte Wolff-Bye.

Wolff-Bye said, “Malaysia is one of the world’s most biological diverse countries. As we progress in our journey towards net zero carbon emissions by 2050, it becomes imperative to seek collaborative efforts in Nature-based Solutions that help to sequester carbon emissions and support Malaysia’s forests. We are delighted to work together with the Sarawak Forestry Corporation to facilitate the development of NbS projects. This collaboration allows PETRONAS to unlock the potential of NbS in Sarawak, and use it to sustainably support the natural environment, address emissions, and uplift local communities.”

Abang Arabi stated that this collaboration is a good start to a potential medium-term collaboration on identifying NbS sites. 

“Conservation is a marathon that requires not only scientific expertise, but also commitment and sustained conservation 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 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 the natural habitats through this NbS exploration in Sarawak.”