Today is Tuesday, 2 July 2024.
Malaysian Bursa Carbon Exchange (BCX) had successfully carried out its inaugural auction of renewable energy certificates (RECs) on 25 June 2024.
According to the press release, the online auction saw 15 buyers from various industries purchasing a total of 268,800 HRECv24 Certificates Contracts.
HRECv24 are RECs offered by BCX that are generated from hydropower plants located in Malaysia with the vintage year of 2024.
Clearing price was RM 4.50 per REC, which is slightly below US$ 1.
Sarawak Energy was the company supplying RECs, related to its 944MW Murum hydropower Dam, “the first large scale sustainable energy project” in that country.
Important to mention that on 8 November 2023 Sarawak Energy received validation of its near-term science-based emissions reduction target by Science Based Target initiative (SBTi). The approval placed Sarawak Energy among the 2,079 organisations worldwide whose targets received SBTi approval in 2023, making it the first large corporation in Malaysia to achieve such validation.
Next BCX auction happens on 25 July 2024, in which Malaysia offer its first nature-based carbon credits from the Kuamut Rainforest Conservation Project. This forest carbon project is protecting and restoring 83,381 hectares of tropical forest in Sabah, besides providing social benefits. This project is expected to save on average 800,000 tCO2e per annum.
Great to see Malaysia keeping pace with these Global expectations.
Click at the image below for the official press release by BCX. It includes the names of the successful 15 bidders.
Malaysia launched BCX late in 2022, as reported by Carbon Credit Markets.
And the country is not the only one active with Carbon Exchanges in Asia. Recall here.
