KUALA LUMPUR, Aug 27 — The Federal Government will develop policies or guidelines and explore the creation of a platform for trading blue carbon credits, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

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The Federal Government will collaborate with the Sabah Maju Jaya Secretariat (SSMJ) and the Sabah State Forestry Department to implement blue carbon credits in the state. Blue carbon refers to the carbon absorbed and stored by coastal and marine ecosystems like mangrove forests. Initiatives to protect and restore these ecosystems help mitigate climate change and can generate economic growth through the blue carbon credit market.

This effort is part of a broader strategy to harness Sabah's blue economy potential. The focus will extend beyond carbon credits to include strengthening the fisheries and aquaculture sectors, shipping and ports, and coastal and maritime tourism. The government also plans to explore blue renewable energy sources and develop a blue economic hub in Sabah to support the growth of these strategic industries.

Furthermore, the federal government aims to enhance blue economic growth by empowering the shipbuilding and ship repair (SBSR) industry. This includes attracting investments to strengthen green shipping and the supply of local fuel. Given Sabah's significant potential in this area, the federal government is ready to explore cooperation with SSMJ to advance the SBSR industry as a key component of the state's blue economy hub.