Bursa Carbon Exchange together with Sarawak Energy Berhad, Hydropower Sustainability Alliance and the I-REC Standard Foundation signed an MOC to offer renewable energy certificates on Bursa’s voluntary carbon market exchange.
Sarawak Energy is Malaysia’s largest renewable energy developer while HSA is an independent and multi stakeholder standard-setting body that governs the Hydropower Sustainability Standard an assessment and certification system that advances demonstrable sustainability in the hydropower sector. The I-REC Standard is a non-profit organisation based in
Netherlands that provides a robust standard for developing attribute tracking systems for renewable energy.
The scope of the MOC will cover areas in exploring potential supply of RECs from Sarawak Energy, to facilitate cross-border RECs trading and international attribute tracking standards for RECs, using the I-REC platform to raise awareness through joint knowledge building sessions on sustainability certification, such as the Hydropower Sustainability Standard and understanding credible renewable energy claims; and to help promote the use of sustainability certifications in conjunction with RECs, such as by layering the Hydropower Sustainability Standard onto the I-REC’s International Attribute Tracking Standard, to help end-users identify and purchase premium hydropower RECs from BCX.
Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said, “BCX aspires to be a global, multi-asset environmental products exchange, to meet the diverse needs of our customers. By adding RECs to our existing portfolio of high-quality carbon credits, we aim to provide more options and flexibility for our customers to access and trade environmental products.
Bursa Malaysia plans to offer RECs on BCX in 2024, in support of Malaysia’s net-zero GHG emissions target by as early as 2050, and in line with the country’s National Energy Transition Roadmap.