Malaysia’s voluntary carbon market exchange, the Bursa Carbon Exchange (BCX), announced it would hold the country’s first auction of locally sourced carbon credits on July 25th.

The credits will come from the Kuamut Rainforest Conservation Project, a Sabah-based initiative protecting and restoring over 83,000 hectares of tropical rainforest. This marks a significant step for BCX because it’s the first auction of domestically generated credits and also expands its offerings to include local projects alongside international ones.

“The Kuamut Project carbon credits are a major milestone,” said Bursa Malaysia CEO Muhamad Umar Swift. “This signifies Malaysia’s leadership in environmental efforts and underlines the importance of the voluntary carbon market in our fight against climate change.”

“This auction sends a clear message to the world: Malaysia is serious about taking climate action and achieving its ambitious climate goals,” he said.

Launched in December 2022, BCX is the world’s first Shariah-compliant carbon exchange. Its primary function is to facilitate transparency and allow companies to offset their carbon footprint by purchasing carbon credits. The exchange held its first-ever auction of carbon credits in March 2023.

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