Malaysia’s Bursa Carbon Exchange Collaborates With Sarawak Energy, HSA, And I-REC Standard To Pioneer Renewable Energy Certificates

In a landmark collaboration, Bursa Carbon Exchange (BCX) has signed a Memorandum of Collaboration (MOC) with Sarawak Energy, Hydropower Sustainability Alliance (HSA), and the I-REC Standard Foundation during the 28th United Nations Climate Change Conference of Parties (COP28) in Dubai. This four-way agreement marks a significant step in Malaysia’s renewable energy sector, focusing on offering renewable energy certificates (RECs) on BCX.

The MOC outlines key areas of collaboration:

1. Exploring the potential supply of RECs from Sarawak Energy.
2. Facilitating cross-border RECs trading and international attribute tracking standards through the I-REC platform.
3. Conducting joint knowledge-building sessions on sustainability certification, including the Hydropower Sustainability Standard.
4. Promoting the use of sustainability certifications in conjunction with RECs, enhancing end-users ability to identify and purchase premium hydropower RECs from BCX.

Datuk Muhamad Umar Swift, CEO of Bursa Malaysia, expressed BCX’s global aspirations to be a multi-asset environmental products exchange. The collaboration aims to launch hydropower RECs on BCX in the coming year, with a commitment to support climate action and the transition to Net Zero.

Datuk Haji Sharbini Suhaili, CEO of Sarawak Energy, emphasized the importance of RECs in tracking renewable energy consumption and supporting the global shift to a low-carbon economy. He highlighted Sarawak Energy’s commitment to obtaining Hydropower Sustainability Standard certification for all its hydropower plants.

Joao Costa, Executive Director of the Hydropower Sustainability Alliance, applauded the collaboration’s role in advancing sustainable practices and renewable energy. The partnership seeks to integrate sustainability certifications into Sarawak Energy’s RECs, contributing to a resilient and sustainable future.

Roble P. Velasco-Rosenheim, Director of Global Partnerships and APAC at the I-REC Standard Foundation praised the collaboration as an example of countries, companies, and the non-profit community joining forces to support the procurement of high-quality clean electricity products. The BCX plans to offer RECs in 2024, aligning with Malaysia’s net-zero GHG emissions target by 2050.