BURSA CARBON EXCHANGE JOINS GLOBAL EMISSIONS TRADING NETWORK VIA IETA

KUALA LUMPUR, April 6 (Bernama) -- In line with its commitment to developing Malaysia’s carbon market via the voluntary carbon market – the Bursa Carbon Exchange (BCX), Bursa Malaysia Bhd announced that it has become a member of the International Emissions Trading Association (IETA).

Chief executive officer Datuk Muhamad Umar Swift said the move to join the IETA, a thought leader in carbon market mechanisms, was an important milestone for Bursa Malaysia.

“The association provides us with a platform and representation as we continue to gain insights on Article 6 of the Paris Agreement and various carbon compliance markets, in preparation for a future where carbon markets will gain significance in driving countries’ Net Zero aspirations,” he said in a statement today.

Established in 1999, the IETA, a non-profit organisation, is a key global advocate for emissions trading as an effective policy instrument for managing, mitigating and reducing greenhouse gas (GHG) emissions to promote market-based solutions for climate change.

It currently has nearly 300 member companies that include some of the most respected and recognisable organisations in the financial, energy, industrial, technology and legal sectors.

“As a member of the IETA, Bursa Malaysia will have access to the latest developments in climate policy and market design, direct contact with a global network of industry experts and stakeholders from various sectors who are actively engaged in the development of carbon markets and emissions trading systems, including key decision makers in the international carbon market,” said Bursa Malaysia.

Launched on Dec 9, 2022, the BCX offers a platform for corporates to trade carbon credits, enabling them to offset their carbon footprint through the purchase of carbon credits or the sale of carbon credits generated from their decarbonising projects.

In return, this will help to finance and drive the development of domestic GHG emissions reduction and removal solutions and projects.

Companies interested to participate in the BCX are encouraged to submit their application form, which can be downloaded at https://bcx.bursamalaysia.com.

-- BERNAMA