KUALA LUMPUR, May 31 (Bernama) -- PETRONAS and Malaysia Forest Fund (MFF) have signed a Memorandum of Understanding (MoU) to explore and develop high-quality Nature-based Solutions (NBS) projects in Malaysia.
 
NBS comprises all activities related to the conservation and restoration of natural ecosystems to lower the concentration of greenhouses gases in the atmosphere. It offers immediate, scalable, and cost-effective pathways to reduce net emissions, as well as contributes to climate mitigation and community co-benefits.
 
The United Nations Intergovernmental Panel on Climate Change (IPCC) in 2019 has identified NBS as capable of achieving 37 per cent of the emissions reductions needed by 2030 to keep the global temperature under 2^oC to meet the objective of the Paris Agreement. Given its importance in addressing the climate and nature crises, the selection of NBS projects must be of high quality with strong environmental integrity drivers and additional co-benefits, assessed and verified by credible framework and international standards.
 
The MoU was signed by PETRONAS Vice President & Chief Sustainability Officer, Charlotte Wolff-Bye and MFF Chief Executive Officer (CEO), Datuk Jeffri Abd Rasid. The signing ceremony was also attended by PETRONAS Executive Vice President & CEO of Upstream, Datuk Adif Zulkifli and the Ministry of Natural Resources, Environment and Climate Change (NRECC) Deputy Secretary General (Energy, Environment and Climate Change), Dato’ Mohamad Razif Abd Mubin.
 
Wolff-Bye said, "PETRONAS aims to help unlock opportunities in the Malaysian NBS market to deliver sustainable business value and help protect, conserve and restore the natural environment. The signing of the MoU illustrates PETRONAS' commitment towards achieving its Net Zero Carbon Emissions by 2050 (NZCE 2050) aspiration and promote regenerative Malaysia’s nature and biodiversity ecosystem through partnership and collaboration."
 
The Ministry of Natural Resources, Environment and Climate Change has established the MFF to enact a financial framework aligned with the United Nations Framework Convention on Climate Change, specifically REDD Plus (Reducing Emissions from Deforestation and forest Degradation in developing countries, and the role of conservation, sustainable management of forests, and enhancement of forest carbon stocks in developing countries). This framework enables the private sector to directly contribute financial resources towards activities focused on conserving, protecting, and sustainably managing forest resources, in addition to supporting other efforts of the state government.
 
PETRONAS' participation in the REDD Plus initiative also signifies its commitment to conducting and expanding its business in a manner that generates positive contributions to both society and the environment, thereby strengthening PETRONAS’ stance on nature and biodiversity.

As PETRONAS continues its journey towards NZCE 2050, more collaborative efforts and innovative solutions including NBS projects are expected to materialise, further propelling Malaysia towards a greener and more resilient future.

About Petroliam Nasional Berhad (PETRONAS)

PETRONAS is a dynamic global energy group with presence in over 100 countries. The Group produces and delivers energy and solutions that power society’s progress in a responsible and sustainable manner.

PETRONAS seeks energy potential across the globe, optimising value through its integrated business model. Its Group portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions.

Sustainability is at the core of what the Group does, as it harnesses the good in energy to elevate and enrich lives. People are its strength and partners for growth, driving passion for innovation to progress towards the future of energy sustainability.
 
About Malaysia Forest Fund
 
MFF was established on 30 June 2021 to implement the REDD Plus Finance Framework (RFF). It is formed on the initiative of the Ministry of Natural Resources, Environment, and Climate Change. MFF is governed by its Board of Trustees, whose members consist of well-known policy makers, industry players and non-governmental organisation (NGO).

Issued by

Media Communications Department
Group Strategic Relations & Communications
PETRONAS
 
SOURCE: PETRONAS

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Estee Aina Huslan
Tel: 012-2283377
Email: esteeaina.huslan@petronas.com 

--BERNAMA