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Tag: #MGTC

  • Bursa Malaysia Takes a Significant Step Towards Sustainability with VCM Handbook Release

    The inaugural Bursa Malaysia Carbon Market Forum 2023, aligned with IGEM 2023, featured key insights and discussions on Malaysia’s efforts in establishing and promoting the Voluntary Carbon Market (VCM). YB Nik Nazmi Nik Ahmad, Minister of Natural Resources, Environment and Climate Change (NRECC), was present to engage in this significant event.

    The VCM Handbook is a collaborative effort between Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) and the Malaysian Green Technology and Climate Change Corporation (“MGTC”), which was initiated through a memorandum of collaboration (“MOC”) signed on 20 February 2023. The VCM Handbook was developed in consultation with NRECC and various ecosystem participants.

    As Malaysia shifts towards becoming a lower carbon economy, the VCM Handbook is a relevant guide designed to assist entities keen on participating in carbon market project development and Malaysia’s voluntary carbon market. The handbook defines the roles and functions of key entities in Malaysia’s carbon market operations, serving as a reference point for market players.

    “We are delighted to complete the VCM Handbook within just six months of the MOC signing, and this demonstrates effective collaboration in fulfilling a need to nurture the development of carbon projects in Malaysia,” said Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia.

    “With the increasing prominence on carbon offsets and carbon markets globally, it is imperative that Malaysia acts on the nation’s untapped potential, by developing its VCM ecosystem and implementing high-quality carbon projects. This VCM Handbook is a critical step in ensuring Malaysia’s VCM can truly support the country’s net zero journey,” added Datuk Umar.

    “The VCM Handbook will be a valuable resource to facilitate carbon offset project implementation in Malaysia, where the carbon credit generated will be used by other corporations to meet their net zero targets. The VCM Handbook provides essential information on how it works, key concepts, standard methodologies, and case studies,” shared Ts. Shamsul Bahar Mohd Nor, Group Chief Executive Officer of MGTC.

    He added, “MGTC is honoured to collaborate with bursa Malaysia in developing it. We thank the numerous stakeholders, including federal ministries, state governments, relevant government agencies, carbon consultants, project developers, as well as validation and verification bodies, for their invaluable contributions. In addition to the VCM Handbook, we are pleased to announce the launch of a VCM Directory, another necessary tool to scale up the emerging Malaysia’s carbon credit supply.”

    Datuk Umar also shared plans to promote both the VCM Handbook and VCM Directory at the Malaysia Pavilion during the 2023 UN Climate Change Conference (UNFCCC COP 28) in Dubai later this year. “Our goal is to attract international project developers and investors to participate in the development of high-quality carbon projects in Malaysia, and facilitate the transfer of knowledge, skills and capital needed to rapidly scale up carbon initiatives in the country. This effort is pivotal in supporting domestic corporates in their net zero and carbon neutrality goals, and for fulfilment of the role of the Bursa Carbon Exchange,” he explained.

    The inaugural Malaysia Carbon Market Forum is a half-day event organised by the Bursa Carbon Exchange. With knowledge sharing as the central focus, the forum offered participants the opportunity to learn from both local and leading global experts on global VCM trends and how to leverage and navigate carbon markets and carbon project development. Speakers at the forum included representatives from International Emissions Trading Association (IETA), Verra, Indonesia Carbon Trade Association (IDCTA), Vitol, Sylvera, Permian Global, Shell’s Nature Based Solutions business, EKI Energy Services Ltd., Viridios Capital Pty Ltd and BloombergNEF.

    A copy of the VCM Handbook can now be downloaded from https://bcx.bursamalaysia.com/index.php?rp=vcm_handbook. Companies operating in the carbon market industry can now register their services in the newly established VCM Directory, accessible via https://www.mgtc.gov.my/vcm/.

  • IGEM 2023: A Crucible for Synergistic Eco-Innovations and Alliances

    The second day of IGEM 2023, a pivotal event promoting green technologies and eco-friendly products, showcased a series of impactful Memoranda of Cooperation (MoC) signings with influential partners. These collaborations are anticipated to be instrumental in fostering innovation and driving sustainable development across multiple sectors, amplifying Malaysia’s commitment to a green economy and contributing to the global embrace of renewable energy and environmentally-conscious practices.

    The MoC signing between Malaysian Green Technology and Climate Change Corporation (MGTC) and Universiti Utara Malaysia (UUM) marks a significant step toward advancing energy efficiency and renewable energy initiatives. The collaboration covers research partnerships focusing on Green Building assessment and renewable energy applications, knowledge exchange, publication sharing, and industry attachment programmes. It also aims to enhance sustainable energy management at UUM’s campus by achieving Energy Management Gold Standard certification and offering student capacity-building programmes. This collaboration will indirectly contribute to the green economy by promoting energy efficiency, renewable energy adoption, and environmental responsibility.

    Meanwhile, the MoC between MGTC and Mont Aero Sdn Bhd signals a joint commitment to develop hydrogen-related technologies focusing on hydrogen production and hydrogen gen-sets. The collaboration includes promoting hydrogen genset usage, converting landfill biogas into green hydrogen, and seeking government grants and funding. With an estimated investment value of RM15 million, this partnership aligns with Malaysia’s National Energy Transition Roadmap (NETR) and the Hydrogen Economy and Technology Roadmap. The aims of this MoC are rooted in environmental sustainability, energy efficiency, waste management, access to funding, national energy goals, and technological progress, all of which collectively contribute to a more sustainable and green energy landscape.

    On the other hand, the MoC between MGTC and SIRIM focuses on energy efficiency and renewable energy initiatives to support the transition towards a sustainable energy future. The collaboration will explore initiatives related to biomass, biogas, and hydrogen, as well as knowledge sharing and utilising SIRIM labs. This partnership is expected to contribute significantly to Malaysia’s NETR regarding energy efficiency and renewable energy targets. It also seeks to harness expertise, resources, and innovative technologies to promote a greener and more sustainable energy future while fostering knowledge sharing, and quality research and development. Ultimately, these efforts align with global initiatives to combat climate change and ensure a cleaner, more sustainable energy landscape for the future.

    Furthermore, MGTC, along with Alya Agro Venture Sdn Bhd, Ain Biomass Industries Sdn Bhd, and Planters International Berhad, has signed an MoC to collaborate on a biomass project that utilises bamboo as feedstock for the production of bamboo pellets and bamboo biochar. This partnership includes the purchase of raw bamboo, expanding production, knowledge sharing, and engagement in nature-based carbon sequestration efforts. The MoC is also motivated by the desire to leverage bamboo as a sustainable feedstock and enhance production capabilities, aligning with Sustainable Development Goals (SDG) 7: Affordable and Clean Energy and SDG 13: Climate Action.

    Ts Shamsul Bahar Mohd Nor, GCEO of MGTC, explained, “This collaboration will contribute to the green economy by providing a renewable energy source, creating local jobs, promoting trade and export, and mitigating climate change through carbon sequestration. A pilot project on bamboo as biomass feedstock is underway to support the bioenergy transition and the NETR.”

    MGTC and Bank Pembangunan Malaysia Berhad (BPMB) have also signed an MoC focusing on corporate sustainability by adopting the Low Carbon Operating System (LCOS), a cloud-based platform for carbon management. This collaboration was made to advance corporate sustainability, reduce carbon emissions, promote knowledge sharing, raise climate change awareness, adopt green technology solutions, provide access to green financing, and actively participate in global climate initiatives, all in alignment with environmental stewardship and climate action goals. BPMB will also partner with the Malaysia Pavilion at COP28 (Conference of Parties) as part of their commitment to environmental stewardship. Also present during the signing ceremony was YB Nik Nazmi Nik Ahmad, Minister of Natural Resources, Environment and Climate Change.

    The Green Technology Financing Scheme (GTFS) 4.0 launch highlights the financial support for various green sectors, including energy, manufacturing, transportation, building, waste, and water. The scheme provides attractive incentives to SMEs, mainly the 1.5% interest/profit rebate for the first five to seven years and a 60%-80% government guarantee on financing.  The appointed implementing agencies for GTFS 4.0 are MGTC and Credit Guarantee Corporation Malaysia Berhad (CGC) (the scheme administrator). MGTC and CGC will collaborate with Participating Financial Institutions (PFIs) to encourage local companies and entrepreneurs to participate in green technology projects and support the national green technology agenda.

    Ts Shamsul Bahar added, “The collaborations announced on the second day of IGEM 2023 are poised to accelerate Malaysia’s transition to a sustainable, green future, driving economic growth, job creation, and environmental responsibility.”

  • Strategic Collaboration for a Greener Tomorrow: MGTC, Biotech Dinamik, and State Power Investment Corporation Unite for Green Energy Endeavors

    Strategic Collaboration for a Greener Tomorrow: MGTC, Biotech Dinamik, and State Power Investment Corporation Unite for Green Energy Endeavors

    In a significant development, Malaysian Green Technology and Climate Change Corporation have established a strategic alliance with Biotek Dinamik Sdn. Bhd., a prominent player in the renewable energy sector committed to climate change mitigation and global decarbonization. This collaboration also involves collaboration with the State Power Investment Corporation (SPIC) of China. The primary objective of this collaboration is to drive the advancement of green energy projects in Malaysia, specifically focusing on the development of “Green Electrons” and “Green Molecules” assets. “Green Electrons” encompass Green Power (Electrons), emphasizing the electronic aspect, while “Green Molecules” emphasize Green Hydrogen & Bioenergy (Molecules), highlighting the molecular aspect.

    Datuk Eddy Yap, Chairman and CEO of Biotek Dinamik Sdn. Bhd. said, “In the final quarter of this year, the company plans to launch a 5 Gigawatts (5GW) green energy project, which is to be developed over the next 5 to 8 years, called the Asian Green Energy Belt (AGEB). The AGEB entails developing green energy generation projects from green or renewable energy sources such as solar, wind, biomass, biogas, geothermal and hydro-electric across Asia”.

    Meanwhile, Ts. Shamsul Bahar Mohd Nor, GCEO of MGTC, added that “The AGEB’s objectives are consistent with Malaysia’s national energy policies, especially with the recently launched Hydrogen Economy and Technology Roadmap (HETR), National Energy Transition Roadmap (NETR), and those of the United Nations Sustainable Development Goals (UNSDGs), in the global pursuit of energy transition and net-zero carbon”.

    “AGEB is poised to become Asia’s green energy flagship project, focusing primarily on Green Power and Green Hydrogen assets development. It plans to connect all green energy hubs, which the project proposes to develop across Asia to form a green energy belt to promote and ensure regional energy security and facilitate efficient cross-border trading of green energy. AGEB aims to decarbonise our national and regional economies by advocating sustainable development via sustainable and responsible investment (SRI) in green energy generation and establishing Malaysia as the leading player in the region’s transition towards a sustainable and greener future.”, Yap added.

    To ensure success in project rollout, Biotek Dinamik Sdn. Bhd is teaming up with SPIC – one of the five major power generation groups in China and the largest solar power generation enterprise in the world (SPIC’s current installed solar photovoltaic capacity stands at 60GW), with its businesses spanning 46 countries. Currently, SPIC energy portfolio consists of 213GW total installed capacity, of which clean energy accounts for 66.19%. Total asset value stands at US$229 billion, and it is ranked 260th in Fortune Global 500, making SPIC one of the world’s largest clean energy producers with muscular financial strength and proven technical capabilities. Regarding global green energy generation rankings, measured in terms of installed capacity, SPIC ranks first in the world in solar photovoltaic, second in wind power, and first in new energy & total renewable energy. Also present at the event was Mr Zhai Chuan Xu, Director, SPIC Energy Malaysia Bhd.

    To ensure smooth and effective implementation of the AGEB project in Malaysia, MGTC is the project’s strategic partner and the enabler for the project to align with government policies, industrial guidelines and practices. In contrast, SPIC is the project’s EPCC (Engineering, Procurement, Construction and Commissioning) partner and investor. Phase 1 (1st-3rd year) of the AGEB entails the development of 1GW of Solar to Hydrogen project. It is estimated to cost approximately RM5 billion. In contrast, Phase 2 of the project consists of developing 4GW of green energy (both Green Electrons and Green Molecules) projects estimated to cost RM20 billion. Therefore, total investment over the next 5-8 years for the planned 5GW project is estimated to cost some RM25 billion.

    Meanwhile, both parties expressed gratitude to the Minister of Natural Resources, Environment and Climate Change, YB Nik Nazmi Nik Ahmad, for his presence at the event to witness the momentous occasion.

  • Aiming for Healthcare Excellence: Ministry of Health and SDCL Emphasize Energy for Critical Care

    SDCL, a leading global investor in energy efficiency, has actively engaged with prominent Malaysian organizations such as the Ministry of Health, MGTC, and MyHijau companies during Malaysia’s pioneering First Energy Efficiency Forum. Their collaboration aims at executing projects that effectively reduce carbon emissions while also generating substantial cost savings.

    Hospitals are one the largest and most consistent energy users with the crucial role they play. SDCL brings deep sector experience in demonstrating how energy efficiency can deliver cheaper, cleaner and more reliable infrastructure solutions to a key infrastructure sector. Malaysia hospitals need reliable and cost-effective energy services throughout the year, ranging from electricity and heat, to hot water and cooling. Hospitals also demand reliable and resilient energy solutions and backup systems. Energy demand reduction initiatives involving lighting and temperature control may also improve patient care.

    Through the IGEM engagement, MoH, MGTC and SDCL are setting a pathway to accelerate identifying fit-for-purpose solutions in Malaysia that require no up-front capital outlay for the user and result in lower operating costs. Through focusing on energy efficiency, hospitals can deliver cleaner, more resilient energy solutions that reduce maintenance costs and increase productivity.

    SDCL CEO Jonathan Maxwell states “Our investments in energy efficiency demonstrate that energy efficiency is not only one of the largest but the most cost-effective means to reduce greenhouse gas emissions as it improves resilience and energy security while also reducing costs and improving productivity. It is infact a major source of green growth”.

  • IGEM 2023: Driving Innovation Towards a Net Zero Carbon Footprint

    The 14th International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM 2023) was officially launched today. It aims to achieve RM4 billion in business opportunities and attract 40,000 visitors from 40 countries. The event was inaugurated by YAB Dato’ Sri Haji Fadillah Haji Yusof, the Deputy Prime Minister, representing YAB Dato’ Seri Anwar Ibrahim, the Prime Minister of Malaysia. The ceremony was attended by cabinet ministers, ambassadors, international delegates, and other distinguished guests.

    Organised by the Ministry of Natural Resources, Environment and Climate Change (NRECC) and co-organised by the Malaysian Green Technology and Climate Change Corporation (MGTC), IGEM 2023, Southeast Asia leading trade event for green technologies and eco solutions, has an impressive track record of having delivered RM41 billion in business leads, over 530,000 visitors from over 112 countries since 2010.

    Referring to the Prime Minister’s speech YAB Dato’ Sri Haji Fadillah bin Haji Yusof said, “Transitioning to a net-zero world calls for nothing less than a complete transformation of how we produce, consume, and move about. A growing coalition of countries, cities, businesses, and other institutions are pledging to get to net-zero emissions. More than 70 countries have set a net-zero target.”

    “Without a doubt, IGEM 2023 plays a decisive leadership role in accelerating and delivering the region’s Net Zero and just energy transition agenda. There are enormous opportunities to steer us to sustainability while ensuring robust economic and social progress. Something that is exemplified in the Malaysia Madani way of life that my government is strongly advocating and adopting,” he added.

    During the opening ceremony, YAB Dato’ Sri Haji Fadillah bin Haji Yusof unveiled the much-awaited Hydrogen Economy and Technology Roadmap, to unlock the prospect of harnessing a new energy carrier and the knock-on economic effects it would bring. Additionally, Leader Energy signed a strategic partnership with BASF Stationary Energy Storage GmbH, to promote the development of long-duration energy storage projects in Southeast Asia, having already identified 8 LDES projects with a total estimated value of RM1.8 billion.

    YAB also witnessed the signing of a memorandum of understanding (MoU) among PMB Aluminium Sdn. Bhd., Sumitomo Corporation Asia & Oceania Pte. Ltd and Nandina Remanufacturing Pte. Ltd. to expand the use of raw materials derived from retiring aircraft such as airplanes and helicopters, aligning with their shared vision of growing the circular economy to drive sustainable manufacturing.

    Furthermore, during the opening ceremony, Tenaga Nasional Berhad unveiled the Malaysia Green Attribute Trading System, or mGATS, as a national marketplace for Malaysia Renewable Energy Certificates (mREC), as part of the Government’s efforts to further propel the RE sector.

    Delivering the welcoming remarks, Minister of Natural Resources, Environment and Climate Change, YB Nik Nazmi Nik Ahmad said, “Having had the opportunity yesterday to personally meet with some of the delegates, visit the exhibition floor and take part in some of the conference sessions, it is clear to me that IGEM’s role as one of ASEAN’s leading trade events for green tech and eco products remains as relevant today as it was when its doors first opened in 2010.”

    “The government’s energy transition intent under the National Energy Transition Roadmap augurs well with my Ministry’s current effort to decarbonise the power sector through accelerated deployment of RE capacity in our power installed capacity from the existing 25% to 70% in 2050,” he concluded.

    The exhibition floor is organised by the sub-themes of Empowering Cities, Electrifying Mobility, Decarbonising Energy, Accelerating Circularity and Conserving Biodiversity with leading corporations such as UOB, Cypark Resources Berhad, Polymateria Limited, Bio Eneco, Lenovo, Canadian Solar and Cradle Fund making a presence with their impressive booths. The exhibition also features pavilions for Austria and Canada.

    Some of the prominent Malaysian participants include the Ministry of Health (MOH), the Ministry of Science, Technology and Innovation (MOSTI) and the state of Sabah, to name just a few. A key highlight of IGEM this year is the AtoZero ASEAN Summit which is co-located and runs concurrently with the event. Powered by Gentari, the Summit convenes the who’s who from across the net zero value chain, including key decision makers and changemakers to comprehensively explore pathways, policies and business opportunities to drive the global net zero transition agenda.

    IGEM is hosting several conferences on topics such as climate change, low-carbon cities, science and innovation, hydrogen economy, waste management, circular economy, water, energy efficiency and the United Nations Sustainable Development Goals.

    IGEM is also featuring the much-in-demand business networking sessions organized by the Malaysian Investment Development Authority (MIDA), Malaysia External Trade Development Corporation (MATRADE) and MGTC.

    During the three-day event, numerous Memoranda of Understanding (MoUs) are being signed between Malaysian and international parties, reinforcing their commitment to collaborate in the race towards net zero.

    For further details on IGEM 2023, please visit www.igem.my.