Nurturing our natural resources creates the opportunity for Malaysia to be a regional economic champion. Looking at the current global shift to greener practices, as well as our rich natural advantages, we are well positioned to succeed in the green economy. - pix by Pieuvre.caIn the same vein, we must consider how we are managing the fundamental assets which our economy, and in fact our society and very lives depend on - our natural capital.
For Malaysia, this year’s Earth Overshoot Day was even earlier, on 16 May. The analogy of “belum habis bulan, sudah habis gaji” is apt here. In any prudent household, we would have set aside some of our earnings for rainy days and put some up in savings. Given this, it was encouraging to see the recognition of our natural heritage and biodiversity continuing to feature in budget announcements.
The budget supports the Green Economy by way of providing RM1 billion in biodiversity sukuk to replant degraded forests. There are also tax exemptions for social enterprises to implement carbon projects in enhancing our forest as a carbon sink towards combating climate change. However, to fully address the root causes of the problem, we need to value nature in economic and social terms and prioritise nature based solutions that harness the power of nature to address major societal issues, including climate change.
We urge the government to carefully assess all infrastructure development projects, including their carrying capacity, environmental, social, and climate impacts, and to follow proper decision-making procedures when allocating funds.
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