Malaysia and Indonesia are exploring the possibility of adopting carbon trading system for its oil palm industry.
Primary Industries and Commodities Minister Tan Sri Bernard Dompok said the two countries were establishing a focal point to work out details relating to carbon trading for the industry.
“We are committed to addressing the issues and concerns raised by the international community,” he told reporters at a joint press conference with Indonesian Agriculture Minister Dr Anton Apriyantono at the end of the three-day fourth joint committee meeting on Bilateral Cooperation on Commodities here yesterday.
Carbon credit is a system that allows a company or country which reduces its carbon dioxide emissions below a targeted level to sell the extra reduction as credit to a company or country which has not met the target level.
The meeting also agreed to the establishment of focal points to coordinate work under the Reduced Emission from Deforestation and Degradation.
Both countries would also work together to address barriers to palm oil trade, they said in a joint communique.
The meeting also agreed for more cooperation in research and development initiatives for cocoa; while Indonesia has agreed to assist Malaysia in diversifying the use of pepper to include non-food applications such as in traditional medicine.
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