Bursa Carbon Exchange (BCX), a wholly-owned subsidiary of Bursa Malaysia Berhad, hosted the second instalment of the Malaysia Carbon Market Forum (MCMF) in Kuala Lumpur today. Themed “Empowering Climate Actions through Carbon Market,” the forum focused on advancing Malaysia’s carbon market ecosystem in alignment with the national climate agenda. The event was inaugurated by Datuk Dr Ching Thoo a/l Kim, Secretary-General of the Ministry of Natural Resources and Environmental Sustainability (NRES), who also delivered the keynote address.
remarks at the 2nd Malaysia Carbon Market Forum 2024.
Tan Sri Abdul Wahid Omar, Chairman of Bursa Malaysia, highlighted the rapid evolution of Malaysia’s carbon market during his speech. “Our carbon market is rapidly evolving, presenting enhancements and new opportunities that Malaysia can leverage to advance its commitment to net-zero. Despite significant potential for carbon projects that can generate valuable carbon credits, the market faces challenges such as limited liquidity and reliance on international standards. Today’s forum brings together participants from the public and private sectors, both domestically and internationally, to exchange ideas and address these challenges,” he said.
A major discussion point at the forum was the proposed ASEAN Common Carbon Framework, an initiative expected to accelerate the development of a cohesive carbon market ecosystem across the region. The framework, discussed during a roundtable hosted by the ASEAN Business Advisory Council (ASEAN-BAC) of Malaysia, aims to facilitate the development of national carbon standards among ASEAN Member States. It encourages mutual recognition of methodologies and resource-sharing in strategic areas such as capability building and market interoperability within the ASEAN region. This regional development is timely, given Malaysia’s upcoming Chairmanship of ASEAN in 2025, as the country seeks to advance its sustainability agenda.
Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia, elaborated on the framework’s significance, stating, “The ASEAN Common Carbon Framework aligns with ASEAN’s collective commitment to addressing climate change and supports the vision of the ASEAN Strategy for Carbon Neutrality. This framework is pivotal in developing national carbon standards, unlocking domestic carbon project opportunities, and fostering greater linkages among voluntary and compliance carbon markets within ASEAN.”
of Natural Resources and Environmental Sustainability, delivering the keynote speech at the
2nd Malaysia Carbon Market Forum 2024.
Another key highlight of the forum was the launch of the Malaysia Carbon Market Association (MCMA) by Datuk Dr Ching Thoo, NRES Secretary-General. The MCMA has been established to facilitate and accelerate the development of Malaysia’s carbon market through policy input, talent capability building, and strategic collaborations with both domestic and international carbon market participants. “Bursa Malaysia is proud to be a founding member of the MCMA and to contribute a seed fund to strengthen the carbon market ecosystem in Malaysia. Our contribution specifically aims to nurture local talent and support ecosystem players in capitalising on opportunities via carbon markets,” added Datuk Muhamad Umar.
This year’s MCMF also marked an official collaboration with the International Emissions Trading Association (IETA), with CEO and President Dirk Forrister attending as a partner and speaker. “To achieve the goals of the Paris Agreement, we must develop carbon markets globally to ensure reductions are made where possible, and efficient systems allow those reductions to flow to where they are needed. A robust carbon market in Malaysia is key to connecting global buyers with the immense potential for climate action in Malaysia,” Forrister stated.
The forum featured various prominent speakers, including representatives from the governments of Indonesia and Thailand, independent environmental standards such as Verra, Gold Standard, and the I-TRACK Standard Foundation, as well as industry leaders from the energy and financial sectors. The event concluded with a plenary session on financing carbon projects, inviting participants to join Bursa Malaysia’s Industry Working Group (IWG) to develop a framework for a fundraising platform for domestic carbon projects.
The Malaysia Carbon Market Forum, inaugurated in 2023, is BCX’s annual flagship event aimed at driving conversations and actions that shape and advance Malaysia’s carbon market. This year’s event attracted over 350 physical attendees and more than 400 virtual participants from both local and international carbon communities. Additionally, Penan and Kenyah artisans from Sarawak showcased their crafts as part of BCX and Sarawak Energy’s support for these communities.
