EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Friday, January 27, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

BURSA MALAYSIA LAUNCHES A VOLUNTARY CARBON MARKET EXCHANGE

First Shariah Compliant Carbon Exchange

by moneycompass
December 12, 2022
in Corporate News, Current News
Share on FacebookShare on WhatsApp

Kuala Lumpur, 9 December 2022 – Bursa Malaysia Berhad (“Bursa Malaysia” or the  “Exchange”) today announced the launch of Malaysia’s pioneer voluntary carbon  market with the introduction of the Bursa Carbon Exchange (“BCX” or  “Carbon Exchange”) at an event officiated by the Minister of Natural Resources,  Environment & Climate Change, YB Tuan Nik Nazmi Nik Ahmad. The BCX is the first  Shariah-compliant carbon exchange in the world, diversifying the product universe  for ESG and Shariah compliant products. 

Caption: Tan Sri Abdul Wahid Omar, Chairman of Bursa Malaysia, presents a token  of appreciation to Yang Berhormat Tuan Nik Nazmi Nik Ahmad, Minister of Natural  Resources, Environment & Climate Change following the successful launch of  Malaysia’s first voluntary carbon market, the Bursa Carbon Exchange.   They are witnessed by (from left to right): Datuk Muhamad Umar Swift, Chief  Executive Officer of Bursa Malaysia; Datuk Seri Ir. Dr. Zaini Ujang of the Ministry of  Natural Resources, Environment & Climate Change; and Dato’ Anis Rizana Mohd  Zainudin, Deputy Secretary General of Treasury (Investment), Ministry of Finance.
Tan Sri Abdul Wahid Omar, Chairman of Bursa Malaysia, presents a token of appreciation to Yang Berhormat Tuan Nik Nazmi Nik Ahmad, Minister of Natural Resources, Environment & Climate Change following the successful launch of Malaysia’s first voluntary carbon market, the Bursa Carbon Exchange. They are witnessed by (from left to right): Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia; Datuk Seri Ir. Dr. Zaini Ujang of the Ministry of Natural Resources, Environment & Climate Change; and Dato’ Anis Rizana Mohd Zainudin, Deputy Secretary General of Treasury (Investment), Ministry of Finance.

The objective of the Bursa Carbon Exchange is to enable companies to trade  voluntary carbon credits from climate-friendly projects and solutions, with the aim  to offset their emission footprint and meet climate goals. The BCX will support  Malaysia’s ambition to achieve its target of net zero greenhouse gas (“GHG”)  emissions by 2050, while accelerating Corporate Malaysia’s pivot towards a green  economy and meeting global demands for a sustainable supply chain.  

“The launch of Bursa Carbon Exchange is momentous as it will play a significant role  in supporting the nation’s, and indeed the world’s, voluntary carbon market  ecosystem. In addition, leveraging on Malaysia’s position as the global Islamic  financial marketplace as well as being the world’s leading exchange for Islamic fund  raising and investment, Bursa Malaysia is the first exchange in the world to receive  a Shariah Pronouncement for its Carbon Exchange and the standardised carbon  products that the Exchange will offer,” said Tan Sri Abdul Wahid Omar, Chairman of  Bursa Malaysia Berhad. 

The BCX Rules, auction terms and conditions, online module and operational  processes have been finalised. Projects permitted to be traded include Nature-based  solutions or Technology-based solutions, which result in avoidance, reduction or  removal of GHG emissions. The first trades will be conducted via an auction which will facilitate price discovery for the new standardised carbon credit products listed  on BCX. The first trade via auction is expected to commence in March 2023. 

“The launch of the Bursa Carbon Exchange is timely given the growing impact of  global warming, and the important role voluntary carbon markets will play to  support financing for climate-friendly projects and solutions. Both buyers and  suppliers will now be able to transact high-quality carbon credits and use them to  offset their existing climate impact alongside their other internal carbon reduction  initiatives”, said Datuk Muhamad Umar Swift, CEO of Bursa Malaysia Berhad. 

“The BCX will make carbon trading a more inclusive ecosystem, allowing more  market participants to engage with clients looking for ESG as well as Shariah  compliant related solutions. Therefore, I would strongly urge all market participants  to join us in this journey,” he added. “As we get closer to the auction day, we  encourage all corporates to join those that have already registered their interest in this new carbon marketplace.” 

Interested project developers and project proponents are invited to submit their  interest to supply carbon credits for the auction, as well as for the Bursa Carbon  Exchange. Similarly, corporate buyers who would like to participate in the auction  and purchase carbon credits, are encouraged to register their interest by downloading the onboarding forms at https://bcx.bursamalaysia.com or email  [email protected].

 

Tags: BursaBursa MalaysiaCARBON MARKET EXCHANGE
ShareSendShareSendTweetShare
Previous Post

CGTN: Infrastructure, vaccines and space: China-Arab sci-tech cooperation

Next Post

LONGi displays latest Hi-MO 6 series modules at COP27, releases 2nd White Paper on Climate Action

Related Posts

Corporate News

JCorp Officially Launches JLand Group (JLG) to Capture Opportunities in New Economy Real Estate

18 Jan 2023
Avanade
Current News

Avanade recognised as a Top Employer 2023 in Malaysia and Singapore

17 Jan 2023
FedEx, Managing Director of FedEx Express Malaysia, Tien Long woon
Corporate News

FedEx Express Appoints Tien-Long Woon as New Managing Director in Malaysia

17 Jan 2023

Discussion about this post

MOST POPULAR

  • The 12th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2022 saw Bank Negara Malaysia's (BNM) governor talk about the ringgit's status.

    Malaysian ringgit ranked as cheapest currency in region

    0 shares
    Share 0 Tweet 0
  • Malaysia’s future growth plans in ASEAN’s digital economy – MGBF

    0 shares
    Share 0 Tweet 0
  • How to Start Trading on the Malaysian Stock Market

    5 shares
    Share 5 Tweet 0
  • Kenanga Research foresees slow 5G adoption

    0 shares
    Share 0 Tweet 0
  • Integrated growth agency ADA clinches historic 87 industry awards in 2022, cementing position as one of the fastest-growing Data & Tech agencies in APAC

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER