BCX to offer Gold Standard carbon credits next year

Bursa Carbon Exchange (BCX) and Gold Standard, a global impact standard setter, certifier and issuer of carbon credits, have signed a memorandum of understanding (MoU) at the 28th UN Climate Change Conference of Parties (COP28) in Dubai to further develop and grow the voluntary carbon market in Malaysia.

The MoU enables BCX to offer Gold Standard-certified carbon credits on the exchange, which currently trades only Verra’s verified carbon units. Gold Standard and Verra are the most widely used standards in the voluntary carbon market. ─ The Edge Malaysia

UAE announces USD30b climate fund

United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, has announced a USD30b climate fund that aims to attract USD250b of investment by the end of the decade.

Dubbed ALTÉRRA, the fund is collaborating with global asset managers BlackRock, Brookfield and TPG, and has committed USD6.5b to climate-dedicated funds for global investments. ─ Reuters

Singapore makes headway in carbon credit deal with Rwanda

Singapore and Rwanda have signed a memorandum of understanding (MoU) to collaborate on carbon markets, following similar MoUs with countries such as Chile, Colombia and Mongolia. Singapore is

prepared to contribute 5% of its share of carbon credit proceeds to support climate adaptation in Rwanda to ensure that the carbon credit projects have broader sustainable development benefits. ─ The Straits Times

New tech for carbon credits

Nasdaq has introduced a groundbreaking technology aimed at securely digitalizing the issuance, settlement, and safekeeping of carbon credits. Operators and registries can then create standardized digital credits and distribute them with full auditability throughout the transaction lifecycle.

Currently, the carbon credit market operates with bilateral trading, relying on manual processes, limiting its scalability as the market progresses. ─ CarbonCredits.com

CIMB targets 16% emission cut in palm oil, 38% in power portfolios

CIMB Group Holdings Bhd is making significant strides in sustainable banking, aiming for a 16% reduction in the emissions intensity of its palm oil portfolio and concurrently pursuing a 38% reduction in the emissions intensity of its power generation portfolio by 2030.

CIMB is the first bank globally to announce a target based on ScienceBased Targets Initiative (SBTi) for the palm oil sector. Meanwhile, the 38% reduction target in its power generation portfolio’s emissions intensity aligns with the International Energy Agency’s 2023 Net Zero Roadmap reference scenario. ─ The Malaysian Reserve

Source: Kenanga Research - 6 Dec 2023