Opinion / #carbon trading
As the only multilateral institution charged with maintaining global financial and fiscal stability, the IMF’s role is critical for addressing climate change.
As businesses come under pressure to meet net-zero targets, they are increasingly investing in forest-protection projects to cancel out their carbon emissions. But what could have been a viable climate-mitigation option has become little more than a licence to pollute, to the detriment of indigenous communities and the planet.
The first auction on Malaysia’s new voluntary carbon market, the Bursa Carbon Exchange (BCX), took place on 16 March, with around RM7.7 million in carbon credits sold.
The market must work in sync with a range of policy instruments. Stable institutional and regulatory structures must balance competing interests and trade-offs to ensure optimum coverage, caps, pricing and reporting.
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