Voluntary Carbon Market to Address Climate Agenda
Industry Talk #5 on Malaysia’s First Exchange for Voluntary Carbon Market (VCM)
In Budget 2022 the Government of Malaysia (GoM) announced the implementation of a voluntary carbon market (VCM) as one of the key initiatives to address the climate change agenda. The VCM is an initiative under the purview of the Ministry of Finance (MoF) and Ministry of Environment and Water (KASA) and Bursa Malaysia Berhad has been mandated to implement a VCM Exchange by end of 2022.
On 16 November 2022 MGA has organised its 5 th series of Industry Talk titled “Malaysia’s First Exchange for Voluntary Carbon Market (VCM) MGA members and invited guests were fortunate to have Dr Wei Nee Chen, Executive VP and Head of Carbon Market, Bursa Malaysia Berhad as the speaker to talk about VCM in Malaysia and how carbon credit will platform will benefit and help Gas industry players supplement their emissions-reduction.
Key Takeaways;
- Carbon credit activities can be done by technology based energy efficiency, industrial bases and by nature based agriculture, forestry
- Bursa Malaysia intends to hold an auction to launch new standardised contracts with underlying carbon credits that will be offered on the VCM Exchange
- KASA in the process of developing the NDC Roadmap and Long Term Low Development Strategies (LT LEDS) to provide the pathway for Malaysia towards achieving Net Zero GHG emissions target to finish by next year.
