At present is Monday, August 12, 2024.
This week we can have a collection of posts associated to some carbon markets in Asia. We begin with Malaysia, after our participation within the “Malaysia Carbon Market Forum 2024: Empowering Climate Actions through Carbon Markets” final week, in partnership with IETA, Worldwide Emissions Buying and selling Affiliation. (spoiler: be sure you learn the final paragraph, an up to date roadmap for carbon markets).
With a inhabitants of 34 million, Malaysia is barely bigger than Italy.
The nation is a member Group of the Petroleum Exporting Nations Plus (OPEC+), a gaggle that represents round 40% of world oil manufacturing.
Moreover, in keeping with the McKinsey Nature AnalyticsMalaysia is ranked seventh on this planet when it comes to carbon credit score potential from nature-based options (NBS). Here’s what the identical supply signifies in regards to the potential share of some international locations in low-cost NBS (%):
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Brazil and Indonesia, 15% every
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Democratic Republic of the 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, 44%
By way of Carbon Credit score Markets in Malaysia:
When BCX was launched, a number of choices for carbon credit score tasks have been indicated:
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Expertise-based: Renewable vitality, Power effectivity, Waste disposal, Industrial gases, Family home equipment, Transportation, Expertise-based removals
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Nature-based: agriculture/soil carbon, forestry, different land makes use of, blue carbon
Click on on the picture under to see the press launch of July 25, 2024 on the first BCX public sale in MNC+, settled at RM50 (US$11) per contract. As you will note, the carbon credit from the Kuamut Rainforest Conservation Challenge have been rated by BeZero Carbon.
Final however not least, vital quotes from the identical press launch:
Given the complexity of implementing some carbon tasks in comparison with renewable vitality tasks, the carbon market might take longer to achieve the identical development stage because the REC market, particularly when nature-based tasks are concerned… A important step to speed up the event of home carbon tasks is to undertake some type of regulated carbon market… This is able to replicate current calls made by a number of ministries and business sectors, particularly these impacted by the implementation of the Carbon Border Adjustment Mechanism (CBAM) of the European Union, with the nation needing to manage and implement an instrument for carbon credit, to make sure sustainable demand and satisfactory nationwide pricing.
