KUCHING: Accountants and auditors play a crucial role in Sarawak’s efforts to navigate the complexities of global carbon trading and emission reduction strategies.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the state’s commitment to carbon reduction requires accountants to move beyond traditional practices and tackle the challenges of valuing carbon credits.
“Carbon (credits) are not easy to quantify. Gas is not something you can measure directly like two or three but it is based on quality.
“And that is why we need auditors to assess and value the carbon that we store and oxygen that we produce. It is no longer ‘dollars and cents’.
“This is the new trend. That is why this task needs another group of accountants,” he said.
He said this in his speech during the Association of Chartered Certified Accountants (ACCA) Malaysia Stakeholders Appreciation Reception at a hotel here last night (Dec 13).
In light of this, he stressed on the need to develop local expertise in finance and accounting to audit the state’s carbon credits.
“That is why, by 2026, Sarawak is giving free tertiary education to all Sarawakians in the State-owned universities.
“One of the disciplines to be offered is finance, which includes accounting. We need you to calculate carbon and also to calculate something intangible. That is where the international standard comes in,” he said.
Abang Johari added that Sarawak’s laws are guided by the World Bank, ensuring adherence to credible accounting standards and valuation frameworks to build trust and transparency in carbon trading.
“In the global market, many claim to be experts in valuing carbon for trading. However, Sarawak is guided by the World Bank’s standards, ensuring credible valuations and calculations.
“Transparency in calculations is crucial. If we cheat, people will lose trust in us. Thankfully, Sarawak has consistently received good audit reports, reflecting meticulous fund management. The future is bright for us,” he said.
Having said this, he expressed hope that young accountants would pursue advanced studies to meet the demand for expertise in carbon management.
“Sarawak has the resources and good government policy. With the Post-COVID-19 Development Strategy (PCDS) 2030 guiding us, we are on the right track,” he said.
