00:00The net zero target, you have said that you are bringing it forward. So 2050, how feasible
00:07is that, especially with the sudden rapid climate differences? As you have said, we
00:14have only 62% of the rice yield of previous years. So how is that feasible?
00:20It's a big challenge, but I think at the Climate Action Council, chaired by Prime Minister
00:27a few months back, it was decided that previously our target was as early as 2050, but that
00:34does not give a firm answer. And we believe that we needed a definite answer, a definite
00:40date. It can be slightly later, we've seen other countries as well. But we think, again
00:46as I think Wajib Rafizi mentioned, we have been blessed with enormous resources, although
00:52we know that we are a small contributor, but we think that we want to take the responsibility
00:57and show the ambition that we can be a beacon of sustainability in Southeast Asia. There
01:04will be a lot of public and private money that is needed, there will be a lot of adjustments
01:10that are needed, but we also, as you mentioned, because we realise that there needs to be
01:15a lot of bold action due to the severity of the climate crisis. So I think that's why
01:21we decided to take that bold step. The harder part is obviously to translate this into actions.
01:28But we've seen, not only NETR, we've also started with retargeting our subsidies with
01:33electricity tariffs, with diesel prices and other policies. So I think that we are in
01:40the right momentum to do so, to achieve those changes.
01:43What is it in the Budget 2025 for this?
01:47Budget 2025, I think we will of course wait for the final announcement from the Prime
01:54Minister, but in our discussions with MOF, we looked at having a new mindset as well
01:59to look at the Department of Environment. The Department of Environment is the Environmental
02:05Quality Act, EQA, is 50 years old. It came from a different time. We have upgraded the
02:11penalties, the imprisonment and all that, which is all well and good, but we need to
02:16ensure that DOE can be truly equipped and empowered to face and to truly protect our
02:22environment. And there's also a higher expectation from the public. So we believe that we can
02:27look at a new model to empower DOE, which we hope that will be detailed out in the Budget
02:35as well as looking at RMK13. So I think that's a main part of it.
02:41Then the other part is also finalising the National Carbon Market, because we need that
02:47to help us to meet our goals with regards to our carbon emissions and to unlock the
02:52value of our natural assets, natural forests, as well as, you know, we have Ministry of
03:00Economics also doing CCUS. So I think most importantly, we are also looking at raising
03:07this at an ASEAN level, because we believe that that comes with scale and volume when
03:12we talk about ASEAN. That's bigger than Malaysia.
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