Immediately is Monday, 12 August 2024.
With a inhabitants of 34 million inhabitants, Malaysia is barely bigger than Italy.
The nation is a member of Group of the Petroleum Exporting Nations Plus (OPEC+), group that represents round 40% of world oil manufacturing.
The Malaysian multinational oil and gasoline firm Petronas has been one of many pioneers in cross-border carbon seize and storage (CCS) offers, specifically with vital Japanese and South Korean firms. Verify this text from August 2022, “CCS: Petronas advances carbon capture and storage ambitions”.
Moreover that, based on McKinsey Nature Analytics, Malaysia is ranked seventh within the World when it comes to carbon crediting NBS potential. Here’s what the identical supply signifies in regards to the share of potential low-cost nature-based options (%):
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Brazil and Indonesia, 15% every
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Democratic Republic of Congo 5%
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Peru 4%
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Malaysia, Russia, United States, Papua New Guinea, Bolivia, 3% every
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Venezuela, 2%
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Remainder of the World, remaining 44%
By way of Carbon Credit score Markets, listed below are two milestones for Malaysia:
When BCX was launched, a number of choices for carbon crediting tasks had been indicated:
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Expertise-based: Renewable power, Vitality Effectivity, Waste Disposal, Industrial Gases, Family Units, Transport, Tech-based Removals
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Nature-based: Agriculture/Soil Carbon, Forestry, Different Land Use, Blue Carbon
Click on on the picture beneath for the press launch from 25 July 2024 about BCX’s first public sale on MNC+, cleared at RM50 (US$ 11) per contract. As you will notice, the carbon credit from the Kuamut Rainforest Conservation Venture had been rated by BeZero Carbon.
Final however not least, these necessary quotes from the identical press launch:
“Given the complexity of some carbon project implementation compared to renewable energy projects, the carbon market can face a longer lead time to reach the same stage of growth as RECs market, especially when nature-based projects are involved … A critical step to accelerate the development of domestic carbon projects is to adopt some form of compliance carbon market … This resonates with the recent calls made by several ministries and industry players, especially those that will be impacted by the European Union’s implementation of Cross Border Adjustment Mechanism (CBAM), that there is a need for the country to implement a compliance carbon pricing instrument to ensure sustainable demand and pricing for domestic carbon credits”.
