Integrated framework for carbon accounting, mitigation, and offsetting for achieving industry carbon neutrality in Malaysia

Abstract

The growing threat of global warming has prompted Malaysia to pledge a 45 % reduction in its greenhouse gas emissions intensity of gross domestic product (GPD) by 2030. The industrial sector is a critical area for mitigation, and carbon accounting, mitigation, and trading are crucial steps towards reducing emissions. While previous studies have focused on individual accounting, mitigation and offset assessment, a comprehensive and integrated approach is needed to guide Malaysian industries towards carbon neutrality. This paper proposes such a framework, which combines carbon accounting, mitigation, and offsetting measures. The paper also introduces the Carbon Mitigation Measures Index (CMI), which assesses carbon mitigation measures based on both their environmental and economic impacts. The proposed framework and CMI can serve as a guide for Malaysian industries to achieve their carbon neutrality goals and contribute to global efforts to mitigate climate change. By adopting this integrated approach, Malaysian industries can reduce their carbon footprint, meet national emissions reduction targets, and contribute to global efforts to combat climate change.