Bursa Malaysia Signs MoC with MGTC to Strengthen Voluntary Carbon Market Ecosystem
kuala lumpur: Bursa Malaysia Berhad and Malaysian Green Technology and Climate Change Corporation (MGTC) today announced a partnership to build and promote a Voluntary Carbon Market (VCM) ecosystem in Malaysia following the launch of the Bursa Carbon Exchange (BCX). Signed a Memorandum of Cooperation (MoC). December 2022.
A strong VCM requires a pipeline of carbon-offset projects to support increased demand by businesses to meet climate change goals. With this in mind, the terms of the MoC are primarily focused on identifying, guiding, connecting and fostering key players in the carbon market ecosystem, which will be essential in building a robust VCM ecosystem. We focus on one area.
The first area of focus is the development of a National VCM Handbook to serve as a resource for industry professionals and stakeholders. It will assist industry professionals and stakeholders by supporting and guiding relevant information for generating carbon credits using international standards accepted by the BCX.
A second focus of the MoC is the creation of a directory of carbon industry service providers. By listing project developers, verification and verification bodies (VVBs), funders, and technical experts, it serves as a valuable resource for individuals and organizations in the VCM industry to help stakeholders connect and collaborate. easier.
Both the handbook and the directory are important and necessary tools to expand Malaysia’s supply of carbon credits, which is still in its infancy.
The MoC’s third focus area is to enhance technical expertise and knowledge sharing among ecosystem players. To this end, Bursa Malaysia will host the 1st Malaysian Carbon Market Forum this year in conjunction with the International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM) conference.
The event will provide a platform for industry leaders and experts to share their insights and experiences on key topics in the VCM space, promoting a culture of knowledge sharing and collaboration at both local and international stages.
“We are partnering with MGTC to build a VCM ecosystem to ensure a highly liquid market for BCX to facilitate the nation’s journey to net zero.”
Datuk Muhamad Umar Swift, CEO of Bursa Malaysia, said: These joint initiatives with MGTC help raise awareness, build know-how, connect participants and drive interest in trading. These are key to a successful carbon exchange that enhances Malaysia’s position as a leader in ESG-related offerings. ”
“This important partnership with Bursa Malaysia marks a huge leap forward in mitigating climate change and becoming a carbon neutral country by 2050. It’s a game changer that encourages attitude.The VCM Handbook is a pivotal option for companies to enable carbon trading as part of their climate and sustainability strategy,” said Shamsul Bahar bin Mohd Nor, CEO of MGTC. said.
The theme of this year’s IGEM is “Race Towards Net Zero: Leadership for Climate Action”.
Hosted by Bursa Malaysia, the inaugural Carbon Markets Forum paves the way for leaders to work together to become aware of climate change and recognize its critical role in positively impacting the sustainability agenda.