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Tag: #MOC

  • 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.”