New Malaysian association to support carbon market development
Quantum Commodity Intelligence – A new carbon market association has been set up in Malaysia aiming to support development of the country's carbon market.
According to a social media post, the Malaysia Carbon Market Association was mooted at a meeting of the ASEAN Carbon Market Working Group.
The association's founding members include Yinson, Petronas, Bursa Malaysia, Bornion Timber, Cenergi, SD Guthrie, Sarawak Energy, Iskandar Investment and EeHSSE Consulting.
The new association has four main stated objectives:
- advocate for a vibrant voluntary carbon market (VCM) ecosystem, in particular facilitating the development of high-quality carbon projects encompassing both technology and nature-based solutions in Malaysia;
- contribute to formulation of national policies so compliance and voluntary carbon markets can effectively and equitably contribute towards Malaysia's Net Zero goal as early as 2050;
- contribute toward talent development, to achieve the highest level of professionalism, knowledge and competency in the carbon markets; and
- collaborate with international and domestic carbon partners in both the public and private sectors so as to foster a greater and interoperable carbon market to enhance carbon price efficiency and channel funding support towards carbon projects in developing and emerging economies.
Malaysia's Bursa Carbon Exchange (BCX) plans to hold its first auction of domestic nature-based carbon credits later this month.
The July 25 sale will auction vintage 2017 to 2021 credits from the Kuamut nature-based scheme developed by UK company Permian Global in one package.
Last month, the southeast Asian country released details of a two-phase process for companies to apply for tax breaks if they are developing domestic carbon projects, and an initiative to encourage greater participation in the country's voluntary carbon market.
