KUALA LUMPUR: The challenge of climate change presents Malaysia with real opportunities to reform and move up the value chain, said Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad.
He said although the country's share of total global greenhouse gas emissions (GHG) was not more than 0.8 per cent, Malaysia has embraced its share of climate responsibilities and has not sought to absolve itself.
"This is demonstrated in a series of climate initiatives the government has undertaken in recent years.
"In May, the government announced its commitment to further accelerate the share for Malaysia's renewable energy power installed capacity to 70 per cent by 2050, up from our existing installed capacity of 25 per cent.
"The government through the Economy Ministry has also launched the National Energy Transition Roadmap (NETR) in August, anchored on six levers to accelerate the energy transition, namely renewable energy, energy efficiency, hydrogen, bioenergy, green mobility and carbon capture, utilisation and storage (CCUS).
"I believe that the carbon markets can emerge as among the financial enablers to support these levers, including the voluntary carbon markets (VCMs)," he said in his keynote speech at the Bursa Malaysia Carbon Market Forum 2023.
Present was Bursa Malaysia Bhd chief executive officer Datuk Muhamad Umar Swift.
At the event, Nik Nazmi also launched Malaysia's Voluntary Carbon Market (VCM) handbook.
The VCM handbook is a collaborative effort between Bursa Malaysia and the Malaysian Green Technology and Climate Change Corporation (MGTC), which was initiated through a memorandum of collaboration signed on Feb 20.
As Malaysia shifts towards becoming a lower carbon economy, the handbook is a relevant guide designed to assist entities keen on participating in carbon market project development and Malaysia's voluntary carbon market.
Umar in his speech said the handbook defines the roles and functions of key entities in Malaysia's carbon market operations, serving as a reference point for market players.
"We are delighted to complete the handbook within just six months of the signing, and this demonstrates effective collaboration in fulfilling a need to nurture the development of carbon projects in Malaysia.
"This handbook is a critical step in ensuring Malaysia's VCM can truly support the country's net zero journey," said Umar.