On July 25, Malaysia’s voluntary carbon market exchange, according to stock exchange operator Bursa Malaysia, will hold an auction of its first Malaysian carbon credits on Monday ( May 13 ).
According to the bourse, the Bursa Carbon Exchange (BCX ) would be able to sell carbon credits from the Kuamut Rainforest Conservation Project, which protects and restores 83, 381 acres of tropical forest in Sabah’s Tongod and Kinabatang regions.
The auction includes BCX’s first Malaysian nature-based carbon credits, which were created as part of a local forest project, and expands the company’s product line to include both local and global carbon credits, according to the bourse.
” Given the importance of the voluntary carbon market in the world’s weather plan, the giving of the Kuamut Project carbon funds is a major step, indicating the country’s economic leadership”, Bursa Malaysia chief executive Muhamad Umar Swift said in a statement.
It shows that Malaysia is severe about addressing the issue of climate change and its goals.
The second Shariah-compliant carbon change, the BCX, was established in December 2022, with the intention of enhancing clarity and enabling businesses to purchase carbon funds to reduce greenhouse gas emissions. In March of last year, it sold its first coal credit.