Bursa Hosts First Malaysian Carbon Credits Auction In July

Bursa Carbon Exchange a wholly-owned Bursa Malaysia Berhad subsidiary plans to host its first Malaysian carbon credits auction on 25 July 2024.

The auction of carbon credits from the Kuamut Rainforest Conservation Project will mark a significant milestone for BCX on several fronts – the offering of its first Malaysia Nature-based Carbon Credits Plus (MNC+) generated via a domestic forestry project; and the expansion of BCX’s product offering to include local carbon credits in addition to global carbon credits.

Located in the Tongod and Kinabatangan districts in Sabah, Malaysia, the Kuamut Project protects and restores 83,381 hectares of tropical forest. The project is a public-private partnership between Sabah Forestry Department, Rakyat Berjaya Sdn Bhd, Yayasan Sabah and Permian Malaysia, who is the project proponent. The project also receives operational support from PACOS Trust and the Southeast Asia Rainforest Research Partnership (SEARRP). At the end of March 2024, the project saw its maiden issuance of Verified Carbon Units (VCUs) under Verra’s Verified Carbon Standard (VCS), resulting in an
estimated annual emission reduction of 800,000 tonnes of carbon dioxide equivalent (tCO2e). The project also simultaneously delivers tangible climate, community and biodiversity co-benefits, earning itself a Gold Level for Climate status under the Climate, Community and Biodiversity (CCB) Standards.

The Kuamut Project currently contributes towards 12 of the 17 goals and targets under the UN Sustainable Development Cooperation Framework in addition to verifiable emissions reduction.