This BCX auction is aimed at helping to shape the domestic carbon market landscape by facilitating a price discovery for the trading of Malaysian-based carbon credits in the market.
The auction will continue to provide a reference price for carbon credit trading and set a tangible price signal for potential project developers to engage in forest carbon credit in Malaysia.
Join us for our auction. Details are as follows:
| Date: | 25 July 2024 |
| Time: | Malaysia time (MYT) |
| Bidding Window: | 1st Session - 10.00am to 12.00pm 2nd Session - 2.00pm to 4.00pm |
| Contract Type: | Malaysia Nature-Based Plus Carbon Contract (MNC+) |
| Scheme: | Verra Carbon Standards |
| Minimum Bid Volume: | 1,000 Contracts (with minimum incremental bid of 5 Contracts) |
| Onboarding: | Entity must first be onboarded as an Approved Participant of BCX |
| Bidding Process: | Full pre-funding of amount required to cover the bid and transaction costs. Bids will be submitted by bidders via BCX’s auction system. |
| Allocation: | Allocation ranking will be prioritised on a price-volume-time-basis. All participants will pay the same clearing price, once allocation is completed. Terms and conditions apply. |
The Kuamut Rainforest Conservation Project (‘Kuamut Project’) is protecting and restoring 83,381 ha of tropical forest in the Tongod and Kinabatangan Districts of Sabah, Malaysia. It is managed by Permian Malaysia in partnership with Sabah Forestry Department, Rakyat Berjaya Sdn. Bhd., Yayasan Sabah, with support from PACOS Trust and South East Asia Rainforest Research Partnership (SEARRP). The public-private partnership provides transparency over the project’s scientific and community development credibility. It generates an estimated annual emission reduction of 800,000 tonnes of carbon dioxide equivalent (tCO2e).
The project has three core objectives:
Prior to the start of the project, the forest area was a Class II production forest and was designated for further commercial use. The Kuamut Project additionality is demonstrated through the prevention of 84,000 hectares of commercial logging, over a 30-year period. Without this intervention, the resulting carbon emissions over this period would have added 16 million tCO2e into the atmosphere.
Management of the area ensures the long-term sustainable protection and restoration of the forest resource, including its biodiversity. Despite being a previously logged forest, the project protects the habitat of 29 mammal and 12 bird species in the project areas, which are considered as Rare, Threatened or Endangered (RTE) species. The area is known to support significant populations of important and threatened species, including orangutans, banteng, elephants, clouded leopard, sun bear, and bird species including Helmeted Hornbill, Storms Stork, Bornean Peacock Pheasant.
The Kuamut Project is also improving the well-being of over 3,000 local community members from the Kuamut and the Karamuak communities. These activities are being assessed by their contributions to the goals and targets of the UN Sustainable Development Cooperation Framework. The project is currently contributing towards 12 of the 17 UN goals.