Launch marks accessibility of Malaysia’s carbon markets

KUCHING: The Malaysia Carbon Market Association (MCMA) was officially launched yesterday, marking a significant step towards supporting the nation’s vision of making Malaysia’s carbon markets accessible to all.  

In a statement, it said that the launch, which took place during the second edition of the Malaysia Carbon Market Forum 2024 was officiated by the Ministry of Natural Resources and Environmental Sustainability secretary-general Datuk Dr Ching Thoo Kim.

It added that the launch was carried out in the presence of MCMA’s nine founding members namely Bornion Timber Sdn Bhd, Bursa Malaysia Berhad, Cenergi SEA

Berhad, EeHSSE Consulting Sdn Bhd, Iskandar Investment Berhad, Petroliam Nasional Berhad (PETRONAS), Sarawak Energy Berhad, SD Guthrie Berhad, and Yinson Holdings Berhad.

During the launch, MCMA also received RM190,000 in seed funding to kickstart selected initiatives by MCMA, including developing training programmes for the purpose of growing a pool of talent within the carbon market ecosystem in Malaysia.

“MCMA’s core focus includes promoting a dynamic voluntary carbon market, aiding in the development of national carbon market policies, enhancing carbon market talent development, and collaborating with international and domestic carbon partners in both the public and private sectors.

“MCMA was also founded to be part of the unified alliance under ASEAN, to accelerate the adoption of carbon market projects across the region and to build the foundation of the ASEAN Common Carbon Framework (ACCF).

“Headquartered in Kuala Lumpur, the MCMA is a non-profit organisation comprising key players from Malaysia’s corporate sector,” it said.

Meanwhile, MCMA president Dr Renard Siew in his speech emphasised the pivotal role of the Malaysian corporate sector in driving the development of high-quality carbon projects in Malaysia.

“It is essential that MCMA contributes to shaping national policies that facilitate the development of a vibrant carbon market ecosystem in Malaysia and eventually with other jurisdictions within ASEAN.

“We encourage other organisations to join us as members and participate in this crucial endeavour to bring a positive impact to Malaysia and beyond,” he said.

In light of this, chairman of the ASEAN Carbon Market Working Group Lim Chern Yuan commented that the inauguration of the MCMA marks a significant stride towards this objective, particularly as Malaysia prepares to assume the ASEAN chairmanship in 2025.

“It is our hope that carbon market associations across the region will unite in offering vital industry insights for the successful establishment of the ACCF to unlock the full technical potential of high-quality carbon projects for the ASEAN region,” he said.

For the record, the Malaysia Carbon Market Forum 2024, the annual flagship event by Bursa Carbon Exchange, is dedicated to driving conversations and actions that shape and advance Malaysia’s carbon market.

With its theme of ‘Empowering Climate Actions through Carbon Markets’, the forum has brought together local and global leading experts to discuss key trends shaping the voluntary carbon market at this point of time, as well as addressing some of the most pressing issues facing the carbon markets globally.

The forum continues to raise awareness and facilitate networking opportunities, supporting the transition to a low-carbon economy in Malaysia and the broader ASEAN region.