KUALA LUMPUR (Dec 5): Bursa Carbon Exchange (BCX), a wholly-owned subsidiary of Bursa Malaysia Bhd, signed a Memorandum of Understanding (MOU) with Gold Standard, a global impact standard setter, certifier and issuer of carbon credits, at the 28th United Nations Conference of Parties (COP28) on Monday (Dec 4).
The MOU enables BCX to include Gold Standard-certified carbon credits on the exchange, which is currently only open to carbon credits issued by Verra. Gold Standard and Verra are the most widely used standards for carbon credits on the voluntary market.
According to Bursa Malaysia, the MOU will increase the knowledge of ecosystem players in the process of registering a carbon project, operationalisation of methodologies and standard setting initiatives by Gold Standard.
As part of the MOU, Gold Standard will support capacity building for local project developers and encourage the development of validation and verification bodies for carbon projects in Malaysia.
“The broadening of offerings on BCX will support the country’s transition to a lower carbon economy. This MOU signing is timely as we aim to expand BCX’s trading platform to include Gold Standard-certified carbon credits from next year onwards,” said Bursa Malaysia CEO Datuk Muhamad Umar Swift.
“With the adoption of both leading international carbon credit standards – Verra and Gold Standard – on BCX, we will open our marketplace to more carbon project developers and methodologies, which aligns with our role of facilitating access to a wider range of high-quality carbon credits.”