CORPORATE SECTOR URGED TO BACK CLIMATE FINANCING THROUGH KUAMUT CARBON CREDIT AUCTION

PUTRAJAYA, July 24 (Bernama) -- Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad has called on the corporate sector to support climate financing through the carbon credit auction from the Kuamut Rainforest Conservation Project in Sabah, scheduled for tomorrow.

The carbon credits are the first Malaysian credits to be auctioned through Bursa Carbon Exchange (BCX), a subsidiary of Bursa Malaysia Bhd.

According to Nik Nazmi, corporate participation in investing in carbon credits is a crucial step toward achieving national goals and enhancing public-private collaboration to tackle climate change.

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"By purchasing carbon credits, companies contribute to preserving natural forests and biodiversity while creating economic opportunities and green jobs for the community," he said in a statement today.

He added that the initiative supports the government's commitment to sustainability, regulatory compliance and corporate social responsibility, ensuring genuine benefits for environmental preservation.

BCX's initiative aims to advance Malaysia’s emerging carbon market, stimulate domestic carbon projects, and promote a culture of innovation and sustainability.

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Nik Nazmi noted that as the global voluntary carbon market grows, it is essential for Malaysian industries to adopt these initiatives to keep the country at the forefront of sustainable development.

"Investing in carbon credits not only strengthens corporate brands but also positions companies as leaders in the national carbon market, ensuring a sustainable future for future generations.

“As such, I encourage all interested parties to participate in the auction, with more details available at https://bcx.bursamalaysia.com/web/auctiondetails2,” he said.

The Kuamut Project has received a high-quality ex-ante carbon credit rating ("Ae") from the international assessment firm BeZero.

The auction will also help set the market price for Malaysian carbon credits and provide a clear price signal for future project developers interested in forest carbon credit initiatives.

-- BERNAMA