September 4, 2024 | carboncredits.com |
On July 25, Bursa Malaysia’s subsidiary, Bursa Carbon Exchange (BCX), held Malaysia’s first carbon credits auction, featuring Nature-based Carbon Credits Plus (MNC+) from the Kuamut Rainforest Conservation Project. This milestone marks a significant development in Malaysia’s carbon market, spotlighting domestic carbon credits.
The Kuamut project, which started in March 2024, has already achieved Verified Carbon Units (VCUs) and earned Gold Level status for its climate, community, and biodiversity benefits. The project, located in Sabah, Malaysia, conserves 83,381 hectares of tropical forest, mitigating deforestation and forest degradation.
Bursa Malaysia CEO Datuk Muhamad Umar Swift highlighted the importance of a compliance carbon market for accelerating domestic carbon projects. The auction, which saw a contract price of RM50, aims to enhance the carbon market’s transparency and growth.
Permian Global, managing the Kuamut Project, commended BCX’s efforts, emphasizing the project’s role in protecting forests, supporting local communities, and advancing global climate goals. The success of this initiative is expected to attract further investment and strengthen Malaysia’s position in international sustainability efforts.
