Bursa Carbon Exchange (BCX), a subsidiary of Bursa Malaysia, is set to host its first auction of Malaysian carbon credits on 25 July 2024.
The credits come from the Kuamut Rainforest Conservation Project, marking BCX’s debut in offering Malaysia Nature-based Carbon Credits Plus (MNC+). This expands BCX’s portfolio to include local carbon credits alongside global ones.
The Kuamut Project, located in Sabah’s Tongod and Kinabatangan districts, spans 83,381 hectares of tropical forest. It is a public-private partnership involving the Sabah Forestry Department, Rakyat Berjaya Sdn Bhd, Yayasan Sabah, and project proponent Permian Malaysia.
The project receives support from PACOS Trust and the Southeast Asia Rainforest Research Partnership (SEARRP).
In March 2024, the project issued its first Verified Carbon Units (VCUs) under Verra’s Verified Carbon Standard (VCS), achieving an annual emission reduction of 800,000 tonnes of CO2 equivalent.
The project also earned a Gold Level for Climate status under the Climate, Community and Biodiversity (CCB) Standards.
A briefing on the auction will be held on 16 May 2024. Interested parties can register at BCX auction details or call BCX at +603 2034 7788.
Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia,
“Given the importance of the voluntary carbon market (VCM) in the nation’s climate agenda, the offering of the Kuamut Project carbon credits is a significant milestone, indicating the country’s environmental leadership.
It signals to the world that Malaysia is serious about climate action and its climate ambition. We are committed to advance the transition towards a lower carbon economy by developing a supportive VCM ecosystem through BCX.”
Stephen Rumsey, Founder and Chairman of Permian Global said,
“We are incredibly grateful to Bursa Malaysia for their vision and leadership in developing the Carbon Exchange and especially for their support of the Kuamut Project. Climate action requires system-wide transformation.
This means the rapid development of high-integrity, high-impact actions on the ground, like the Kuamut Project, but it also means building the financial infrastructure that drives investment in these vital activities. BCX is an enormously important piece in the climate puzzle.”
Featured image credit: Edited from Freepik
