Malaysia to procure 5,00,000 metric tonnes of white rice from India
Malaysia is set to submit a request to India to procure an additional 5,00,000 metric tonnes of white rice, the country’s agriculture minister said.
Bursa Malaysia Bhd will launch its Voluntary Carbon Market (VCM) exchange later this year which will enable companies to purchase voluntary carbon credits from climate-friendly projects and solutions.
“Stakeholder engagement is key in facilitating greater understanding among industry players to enable their participation in the VCM Exchange, and in order to meet environmental, social, and governance requirements required by parties such as lending institutions,” said Bursa Malaysia CEO Datuk Muhamad Umar Swift.
“We believe the VCM exchange can serve as an important lever in realizing Malaysia’s net-zero greenhouse gas emissions aspiration, as well as support the private sector’s voluntary climate commitments and decarbonization journey,” he added.
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Participation in the VCM will allow companies to offset their carbon emission footprint and meet their voluntary climate goals, the exchange operator said in a statement yesterday. The VCM exchange will allow buyers and suppliers to transact high-quality carbon credits at transparent prices.
Bursa Malaysia also intends to offer standardized carbon credit products for trading via a rules-based VCM exchange.
“There will be distinct product categories for carbon credits derived from nature-based solutions and technologies that reduce or remove carbon emissions. The VCM exchange will aggregate carbon credits that share similar traits and fundamentals, with vintages 2016 onwards,” the exchange stated.
To ensure the high integrity of carbon credits offered through the VCM exchange, Bursa Malaysia will adopt the Verified Carbon Standard or Verra.
Verra is a widely recognized standard in the voluntary carbon market, accounting for nearly 70% of voluntary carbon credit issuances globally.
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