KUALA LUMPUR: A member of Dewan Negara today (December 6) urged the government to explore a new way to increase national income via carbon credit sales as a potential new source.
Senator Jaziri Alkaf Abdillah Suffian said Malaysia might stand to reap billions of ringgit from this carbon credit potential.
"As mentioned by the Malaysian Timber Council, this country has 18.27 million hectares of forest area. The value of carbon credits this year is estimated at between US$40 (RM187) and US$80 (RM374) per tonne.
"By taking a conservative value of US$20 (RM93), the revenue from the sales of these carbon credits can increase the national income by RM432.8 billion every year.
"Within two years, we can pay off the national debt (from such revenue)," he said while debating the 2024 Supply Bill for the second reading in the Dewan Negara today (December 6).
He also urged the government to work with other tropical countries such as Laos, Bolivia, Cameroon, Mexico, Papua New Guinea and Venezuela.
"We should be considered the 'lungs' of the world where more than half of our country's territory is rainforest, with 27 per cent of it being permanent forest reserves.
"I hope and believe this is an opportunity for the country to find a more effective, alternative source of income," he said. --BERNAMA