Among others, it will provide guidance on carbon trading activities at state levels as matters like land comes under state jurisdiction.Recall that as one of the signatories of the Paris Accord, Malaysia has pledged to an unconditional reduction of greenhouse gas emissions by 45% by 2030 versus 2005 levels.
Ernst & Young Consulting Sdn Bhd Malaysia Climate Change and Sustainability Services leader Arina Kok says the fundamental idea behind a carbon policy is to price in the cost of emitting carbon dioxide emissions and other greenhouse gases to reflect their environmental impact. Towards this end, countries have adopted diverse approaches tailored to their specific landscapes and demographics. This includes a carbon compliance market , voluntary carbon market or hybrid systems.
However, if the scheme is too restrictive, he says it may encourage the offshoring of industries to jurisdictions with fewer constraints – a phenomenon known as “carbon leakage”, and, as such, actually fail to reduce emissions. “A lesson learnt from Singapore is that clear milestones are in place to prepare businesses for carbon prices, starting with S$5 per tonne of carbon dioxide equivalent for the first five years from 2019 to 2023. This will gradually be increased over time with the view to reach S$50 to S$80 by 2030,” says Kok.
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