MGTC, Bursa ink partnership to promote voluntary carbon market ecosystem

KUALA LUMPUR: The on Monday (Feb 20) signed a memorandum of collaboration (MOC) with to build and promote the voluntary carbon market (VCM) ecosystem in Malaysia, following the launch of the in December 2022.

The three-year MOC will focus on three areas, which are the development of a national VCM handbook, the creation of a Directory of Carbon Industry Service Providers, and enhancing technical expertise and knowledge sharing among ecosystem players.

MGTC chief executive officer Shamsul Bahar Mohd Nor said with the support of the Ministry of Natural Resources, Environment and Climate Change, the VCM handbook will facilitate the trading of high-quality carbon credits that comply with international market standards.

“This indirectly empowers companies to develop projects to reduce greenhouse gas (GHG) emissions, and some to exponentially increase carbon sequestration.

“The Directory of Carbon Industry Service Providers, on the other hand, will become a most valuable reference for companies interested in achieving net-zero [emissions],” he said during the signing ceremony on Monday (Feb 20).

According to Shamsul Bahar, growing demand for carbon credits and carbon offsets locally paved the way for the establishment of the national guidance on the VCM, a key in addressing the climate change agenda.

“Our moon shot is to be a net-zero GHG emissions nation as early as 2050, and our immediate target is to unconditionally reduce the intensity of GHG emissions by 45% by 2030, compared to the 2005 level.

“MGTC is honoured to support the industry in the low-carbon initiative and drive the key outcomes of this MOC, especially in building the nation's VCM ecosystem that will support the implementation of the BCX,” he added.

Meanwhile, Bursa CEO Datuk Muhamad Umar Swift said the collaboration with MGTC is timely and significant in accelerating capacity building among key players in the VCM ecosystem, and collaboratively advancing the nation's green agenda.

He said another significant aspect of the partnership will be the organising of the Malaysia Carbon Market Forum, targeted to be held in conjunction with the next in October .

“The inaugural forum, which will be organised by Bursa, will bring together experts from the carbon market fraternity to discuss key carbon topics that are relevant to the industry, such as global carbon market trends and policies, as well as project finance and development, and other topics relevant to the VCM.

“The forum will facilitate knowledge sharing between local players and international experts, while providing good networking opportunities in this nascent market,” he said.

Source : The Edge Markets

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