Forever Sabah Berhad recently signed a Letter of Intent with CIMB Islamic and communities of Babagon Water Catchment.
The partnership, which is entering its second phase, aims to support the restoration of the main water catchment area comprising communities from Kampung Kolosunan, Kampung Babagon Toki and Kampung Tampasak with a total commitment of RM760,000.
The Babagon Water Catchment is an integral aspect of Sabah as it provides approximately 57% of Kota Kinabalu’s water supply, which impacts communities living within the area as well greater Kota Kinabalu population.
Through the initiative, Forever Sabah and CIMB Islamic will be working closely to ensure Babagon Water Catchment will be a catalyst to advance cost effective and innovative ways in forest preservation and restoration, while contributing to alternative source of income and empowering the local restoration economy.
The Babagon Water Catchment project is intended to support the establishment of a framework for Payment of Ecosystem Services (“PES”), a market-based instrument that incentivises communities that play a part in protecting and maintaining the environment.
The partnership will leverage reforestation techniques that incorporate geotagging and remote sensing to enhance tree survival, whilst optimising resource allocation.
This includes selective logging and harvesting to achieve equilibrium between economic and environmental objectives, in addition to fostering local income generation for long-term forest viability.
It will also entail innovative citizen science monitoring and data analytics to capture real-time tracking of the forest ecosystem’s health and foster more data-driven decisions, which can help reduce operational costs.
Cynthia Ong, Chief Executive Facilitator of Forever Sabah said, “It has been wonderful witnessing the results of the communities’ hard work and traditional ecological knowledge as we review this first year of partnership with them. Syabas to the communities who are protecting this water source for hundreds of thousands of Sabahans.”
Ahmad Shahriman Mohd Shariff, CEO of CIMB Islamic said, “We acknowledge the critical importance of conserving and restoring Babagon Water Catchment area as it serves as a vital ecosystem that provides clean water to the majority residents of Kota Kinabalu. As a financial intermediary that is actively driving ESG agenda, we want to ensure that the ecosystem and its communities’ livelihoods are sustainable for future generations to benefit as we create long-term positive impacts to the environment and society.”
“Aligned to the principles of Value-Based Intermediation (“VBI”), we are pleased to have forged this meaningful partnership with Forever Sabah and communities of Babagon Water Catchment through our ongoing commitment in charting a path forward towards a brighter and more eco-conscious future,” concluded Shahriman.
