Petronas Partners With Malaysia Forest Fund to Develop Nature-Based Solutions Projects

Malaysia’s national oil company 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.

The MoU was signed by Petronas Vice President & Chief Sustainability Officer, Charlotte Wolff-Bye and MFF Chief Executive Officer (CEO), Datuk Jeffri Abd Rasid.

“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,” said Wolff-Bye.

“The signing of the MoU illustrates Petronas’ commitment towards achieving its Net Zero Carbon Emissions by 2050 aspiration and promote regenerative Malaysia’s nature and biodiversity-ecosystem through partnership and collaboration,” Wolff-Bye added.

The Ministry of Natural Resources, Environment and Climate Change 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.

NBS comprises all activities related to the conservation and restoration of natural ecosystems to lower the concentration of greenhouse 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.