Bursa Malaysia Berhad and Malaysia Green Technology & Climate Change Corporation (MGTC) have signed a Memorandum of Cooperation (MoC) to build and promote a voluntary carbon market (VCM) ecosystem in Malaysia. This follows the establishment of the Bursa Carbon Exchange (BCX) in Malaysia back in December 2022.
“We are partnering MGTC in building the VCM ecosystem to ensure that we have a highly liquid market on BCX, to facilitate the nation’s journey to net zero,” said Bursa Malaysia CEO Datuk Muhamad Umar Swift.
The MoU focuses on three areas where key players in the carbon market ecosystem need to be identified, guided and connected.
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The first focus area is the development of a national VCM manual to serve as a resource for industry professionals and stakeholders. This will provide formal support and guidance, while providing relevant information on how to generate carbon credits according to international standards.
The second objective of the MoC is to create a directory of carbon industry service providers. It will serve as a valuable resource for individuals and organizations in the VCM industry by listing project developers, Validation and Verification Bodies (VVBs), financial and technical experts that will populate the ecosystem.
The third focus area of the MoC aims to improve technical expertise and knowledge sharing among all the participants. 2023 will see the inaugural Malaysia Carbon Market Ofrum, which will be organized by Bursa Malaysia. The event will happen at the same time and location as the already established Greentech and Eco-Products Exhibition and Conference Malaysia (IGEM).
Read more: Petronas And ExxonMobil To Work Together On Carbon Capture Projects In Malaysia
