Sarawak eyeing new revenue potential from forest resources through PES system

BINTULU: The Sarawak government is looking into new revenue streams from forest resources through the Payment for Ecosystem Services (PES) system, said Chief Minister Tan Sri Abang Johari Tun Openg.

He said this new approach that includes carbon offset projects would benefit local communities such as clean water from forests.

"Arranging payments for the benefits provided by forests, fertile soil, watershed protection, and other natural ecosystems is a way to recognise their value and ensure that these benefits continue well into the future.

"With revenue from natural resource management dwindling, various PES schemes have emerged as potential sources of sustainable financing for conservation," he said in his keynote address at the International Conference on Forest Resources Management 2021 here today.

A total of 157 participants and 22 presenters from various countries including Japan, Singapore and Italy are attending the two-day hybrid conference beginning today.

Abang Johari said it has been Sarawak's ultimate goal to build a portfolio of conservation best practices and holistic approaches for its forests, adding that the state has secured a total of 1.3 million hectares of certified natural forests to date.

To ensure longevity for efforts in forest management and research, the Sarawak government has agreed to allocate a grant amounting to RM10.95 million to Universiti Putra Malaysia's Bintulu Campus as a research hub for forestry in the state.

Abang Johari said implementation will involve three phases to develop sustainable abilities and skills as well as enable relevant research to be carried out.

"I will instruct the EPU to release funds as a grant to FDS (Forest Department Sarawak) and FDS will release the funds in accordance with the progress of the research," he added.

-- BERNAMA