June 8 , Serian 

The Sarawak government is partnering with the World Bank to establish robust accounting principles for the global carbon trade, announced Sarawak Premier Tan Sri Abang Johari Openg. Recognizing the inherent risks of this emerging market, Sarawak seeks the World Bank's guidance to ensure credibility and avoid deception by unscrupulous entities.

"We need to work with credible parties since there are people who will try to deceive, or bogus consultants. So we have to be guided by the World Bank," stated Abang Johari during the Sarawak-level World Forest Day Celebration at the Sabal Agroforestry Centre.

The Premier highlighted the necessity of a standardized protocol for calculating carbon in international trade, noting that the London Protocol of 1996 serves as a current baseline. This international agreement regulates the transboundary movement of carbon and underscores the need for a unified approach to carbon trading metrics.

Abang Johari also mentioned his discussions with Prime Minister Datuk Seri Anwar Ibrahim about updating national legislation to encompass carbon trading within the broader energy business framework and emphasizing the importance of federal backing in this initiative.

This collaboration with the World Bank marks a significant step for Sarawak as it navigates the complexities of the global carbon market. By aligning with a reputable global institution, Sarawak aims to ensure transparency, accuracy, and fairness in its carbon trading endeavors, setting a precedent for other regions looking to enter this innovative yet challenging sector.