Environmental Law: Beyond the Blah Blah Blah

The Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed, said that the Malaysian Government may be releasing the details of its 2050 net-zero emissions target this year.
 
In his keynote address at the MIDF Green Conference 2022 titled ‘Beyond the Blah Blah Blah’ held virtually on 9 March 2022, the Minister said that the initiatives being developed include exploring the introduction of a voluntary carbon market, carbon pricing mechanisms such as carbon tax and the expansion of green technology tax incentives. The Minister also reiterated that the Ministry of Environment and Water is in discussions with Bursa Malaysia Berhad on carbon trading.1
 
During his speech, Datuk Seri Mustapa Mohamad reiterated Malaysia’s commitment to fulfil its promise at the 1992 Rio Earth Summit to maintain 50% of the country’s land under forest cover and that the Government has set a target of 30% renewable energy installed capacity for the power sector by 2025.
 
The Minister also highlighted that some of the initiatives in driving the green agenda include the enactment of the Renewable Energy Act 2011 by the Government, the issue of the Exposure Draft on Climate Risk Management and Scenario Analysis by Bank Negara Malaysia on 27 December 2021, and Public Consultation Paper No. 1/2021 on Principles-Based Sustainable Responsible Investment Taxonomy for the Malaysian Capital Market by the Securities Commission Malaysia of on 17 December 2021.
 
While most of the initiatives mentioned by the Honourable Minister have been previously announced by the Government, it is heartening that the Government is not merely paying lip-service to the green agenda but is working earnestly to finalise the details of its net-zero carbon emissions target within the foreseeable future.
 
Alert prepared by To’ Puan Janet Looi (Partner) of the Environmental Law Practice of Skrine.
 

1 Net zero carbon framework may be launched this year – Mustapa, Bernama, 9 March 2022, and Mustapa: Net zero carbon framework may be announced this year, The Malaysia Reserve, 10 March 2022.
 

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