The development of a National Biomass Action Plan that includes five sectors, namely plantation, agriculture, livestock, fisheries and forestry, is expected to be completed in July 2023, said Deputy Prime Minister Datuk Seri Fadillah Yusof. Fadillah, who is also the plantation and commodities minister, stated his hopes for collaboration between his ministry, Bursa Malaysia and relevant agencies to garner more useful data for the plan.
“My aspiration is to have a sustainable circular economy within these sectors by the systematic use and processing of biomass into high-value added products which can generate additional income to the industry as a whole,” he said on Tuesday (March 7) at the 34th Palm & Lauric Oils Price Outlook Conference & Exhibition (POC2023).
“One of the high-impact projects that will be embarked by the Malaysian Palm Oil Board within the 12th Malaysia Plan will be the production of lignocellulose from biomass that can be utilised in various sectors such as the food, pharmaceutical and cosmetic industries,” Fadillah said, adding his ministry is currently charting an implementation plan for carbon as a commodity.
In addition, his ministry is looking into combining oil palm smallholders in Malaysia. “If we can combine them into zoning, it is more economical for us to help them so that they can increase income and be more sustainable,” Fadillah said.