Need to explore carbon trading as sustainable forest product
BANDAR SERI BEGAWAN
THERE is a need for Brunei to explore more environmentally sound and sustainable forest products, the CEO of the Heart of Borneo (HoB) Centre yesterday said.
Mahmud Yussof said exploring carbon trading is one of the most welcomed economic strategies, which is on par with the coherent forest conservation policy.
The carbon trade allows countries that have higher carbon emissions to purchase the right to release more carbon dioxide into the atmosphere from countries that have lower carbon emissions, said Associate Professor Dr Kushan Tennakoon, Director of UBD’s Institute for Biodiversity and Environmental Research.
Mahmud, who is also the head of the Biodiversity Research and Innovation Centre, told The Brunei Times that in striving to support national diversification efforts, carbon trading is a prospect for Brunei.
He said as 41 per cent of the total forest cover in Brunei is protected by the Forest Act and with the no-logging policy in forest reserve areas and peat forest areas introduced respectively in 2012 and 2014 by the Ministry of Primary Resources and Tourism (MPRT), these should secure carbon trading in Brunei.
He went on to say that under the HoB Project Implementation Framework, carbon trading is one of the priority approaches to the existing forest conservation policy.
“Depending on the global market and mechanism adopted at the international (arena), carbon trading can contribute substantively to the national economy as it does not require intensive investment by the government, compared to timber logging. In the context of Brunei Darussalam, carbon trading as an economic approach to the conservation policy, is the most fitting to the country’s situation,” he said.
Dr Kushan Tennakoon, in an interview in May, said carbon trade is an exchange of credits between nations designed to reduce carbon dioxide emissions.
Dr Kushan in May, also said Brunei can trade its carbon stock with countries that have high emission rates through credit transfer.
He said carbon stock trading can bring in some additional revenue for Brunei, and UBD can aid the Forestry Department by sharing data on the country’s carbon stocks.
The Brunei Times