Petronas, Sarawak plan nature-based solutions projects

Malaysian energy company Petronas and the Sarawak Forestry Corporation, a statutory body of the Sarawak government, signed a Memorandum of Understanding (MoU) on 21 August to explore and develop nature-based solutions (NbS) projects in Sarawak, Petronas announced on August 21.

NbS involves activities related to the conservation and restoration of natural ecosystems to reduce greenhouse gas emissions. 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 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 taking measures to avoid producing them.