Bursa Malaysia Berhad (“Bursa Malaysia”) issued a media release on 13 May 2024 announcing that its wholly-owned subsidiary, Bursa Carbon Exchange (“BCX”)¹ will be hosting its first auction of Malaysian carbon credits from the Kuamut Rainforest Conservation Project (“Kuamut Project”) on 25 July 2024.
 
Some of the details of the Kuamut Project shared by Bursa Malaysia in its media release are as follows – The project is located in the Tongod and Kinabatangan districts in Sabah, Malaysia. The project protects and restores 83,381 hectares of tropical forest and is a public-private partnership between Sabah Forestry Department, Rakyat Berjaya Sdn Bhd, Yayasan Sabah and Permian Malaysia. The project undertook its maiden issuance of Verified Carbon Units (VCUs) under Verra’s Verified Carbon Standard (VCS) at the end of March 2024, resulting in an estimated annual emission reduction of 800,000 tonnes of carbon dioxide equivalent (tCO2e). The project also delivers tangible climate, community and biodiversity co-benefits, earning itself a Gold Level for Climate status under the Climate, Community and Biodiversity (CCB) Standards.
 
According to Datuk Muhamad Umar Swift, the Chief Executive Officer of Bursa Malaysia, the auction is a significant milestone as it is the first Malaysian nature-based carbon project on BCX. The auction, which takes place one month after the inaugural auction of renewable energy certificates on 25 June 2024², will expand the products offered on BCX.
 
A briefing on the Kuamut Project auction will be held on 16 May 2024. Interested parties can register at https://bcx.bursamalaysia.com/web/auctiondetails2 or call BCX at +603 2034 7788.
 
Bursa Malaysia’s media release of 13 May 2024 can be accessed here.
 
Alert by To’ Puan Janet Looi, Co-Head of the Environmental, Social and Governance Practice of Skrine.
 

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