The Malaysia Carbon Market Association (MCMA) was officially inaugurated today during the second edition of the Malaysia Carbon Market Forum 2024, organised by Bursa Carbon Exchange. The launch event, held at the Kuala Lumpur headquarters of the Ministry of Natural Resources and Environmental Sustainability, was officiated by Datuk Dr Ching Thoo a/l Kim, the Ministry’s Secretary-General.
The MCMA’s establishment marks a significant milestone in Malaysia’s efforts to enhance accessibility to its carbon markets. The association’s launch was supported by nine founding members, including major corporations such as Bornion Timber Sdn Bhd, Bursa Malaysia Berhad, Cenergi SEA Berhad, EeHSSE Consulting Sdn Bhd, Iskandar Investment Berhad (IIB), Petroliam Nasional Berhad (PETRONAS), Sarawak Energy Berhad, SD Guthrie Berhad, and Yinson Holdings Berhad (Yinson). The formation of MCMA was also driven by the Carbon Market Working Group of the ASEAN Business Advisory Council (ASEAN-BAC) Malaysia, with Tan Sri Nazir Razak, ASEAN-BAC Malaysia Chairman, attending the event.
In addition to its official launch, the MCMA received RM190,000 in seed funding from its founding members. This initial funding will support MCMA’s initiatives, including the development of training programmes aimed at expanding talent within Malaysia’s carbon market ecosystem.
The MCMA will focus on several key areas, including promoting a dynamic voluntary carbon market, aiding in the creation of national carbon market policies, enhancing talent development, and fostering collaborations with both domestic and international carbon market partners. The association is also positioned to contribute to the ASEAN Common Carbon Framework (ACCF), aiming to advance carbon market projects across the region.
Dr Renard Siew, Group Head of Corporate Sustainability at Yinson and President of MCMA, expressed enthusiasm for the association’s role. “It is an honour for us to lead the MCMA Executive Committee and collaborate with our fellow founding members. We are committed to developing high-quality carbon projects and shaping policies that support a vibrant carbon market ecosystem in Malaysia and ASEAN. We invite other organisations to join us in this crucial endeavour to make a positive impact.”
Mr Lim Chern Yuan, Council Member of ASEAN-BAC Malaysia and Chairman of the ASEAN Carbon Market Working Group, highlighted the significance of the MCMA’s launch. “The development of a robust carbon market is crucial for ASEAN-BAC. The MCMA’s inauguration is a major step towards this goal, particularly as Malaysia prepares for ASEAN Chairmanship in 2025. We hope that carbon market associations across the region will unite to provide vital industry insights and support the establishment of the ACCF.”
The Malaysia Carbon Market Forum 2024, which serves as an annual flagship event for Bursa Carbon Exchange, focuses on advancing Malaysia’s carbon market. This year’s theme, ‘Empowering Climate Actions through Carbon Markets,’ featured discussions with local and global experts on current trends and challenges in the voluntary carbon market. The forum aims to raise awareness, facilitate networking, and support Malaysia’s transition to a low-carbon economy.