Bursa Carbon Exchange to offer Malaysian carbon credits via auction-Xinhua

Bursa Carbon Exchange to offer Malaysian carbon credits via auction

Source: Xinhua| 2024-05-13 22:15:30|Editor: huaxia

KUALA LUMPUR, May 13 (Xinhua) -- Bursa Carbon Exchange (BCX), a wholly-owned subsidiary of Malaysian stock exchange Bursa, will host an auction of its first Malaysian carbon credits on July 25 this year.

Bursa Malaysia said in a statement on Monday that the auction of carbon credits from the Kuamut rainforest conservation project marks a significant milestone for BCX on the offering of its first Malaysia Nature-based Carbon Credits Plus (MNC+) generated via a domestic forestry project. The expansion of the BCX's product offering to include local carbon credits in addition to global carbon credits.

Located in the Tongod and Kinabatangan districts in Sabah, Malaysia, the Kuamut project protects and restores 83,381 hectares of tropical forest.

The project is a public-private partnership between Sabah Forestry Department, Rakyat Berjaya, Yayasan Sabah and Permian Malaysia, which is the project proponent.

"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," said Muhamad Umar Swift, chief executive officer of Bursa Malaysia.

He said it signals to the world that Malaysia is serious about climate action and its climate ambition.

"It is hoped that this auction will generate greater interest among domestic and international business communities to invest in more carbon projects in Malaysia, given the rich potential for both nature and technology-based carbon project development in this country," he added.