April 16, 2024

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UTM CRX

UTM-CRX International of Singapore Joins Forces in Project Development for Carbon Credits

JOHOR BAHRU, 29 Mar. − Universiti Teknologi Malaysia (UTM) and Singapore-based Climate Resources Exchange International Pte Ltd (CRX) have joined forces by signing a Memorandum of Understanding (MoU) to collaboratively develop and implement carbon reduction and removal projects in Malaysia.

The MoU was signed by the UTM Vice-Chancellor, Prof. Datuk Ir. Ts. Dr. Ahmad Fauzi Ismail and the Chief Executive Officer (CEO) of CRX, Mr. Vinod Kesava. Witnessing the MoU signing ceremony were the Research Fellow of UTM Process Systems Engineering Centre (PROSPECT), Prof. Ir. Dr. Haslenda binti Hashim and Co-Founder & Executive Director of CRX, Mr. Kes Shotam.

UTM CRX
The MoU paper, signed by both parties’ representatives, Prof. Datuk Fauzi (right) and Mr. Vinod (left), signifies the collaboration.

Carbon trading in Malaysia aims to accelerate Malaysia’s corporate transition towards a green economy and meet global demand for a sustainable supply chain. One of the main objectives of this cooperation is to generate carbon credits in Malaysia, aligning with the country’s commitments under the Paris Agreement and its sustainability targets for achieving net-zero ambitions. These carbon credits can be channeled through the Bursa Carbon Exchange (BCX) to support its growth and liquidity enhancement. BCX, established in 2022, is the world’s first Shariah-compliant carbon exchange operated by KL Bursa. Representing Bursa Malaysia at the MoU was Dr. Chen Wei-nee, the Executive Vice President & Head of Carbon Market.

Projects expected to be developed include nature-based solutions such as blue carbon, afforestation, and agricultural projects, as well as technology-based solutions like biochar production from agri-waste through controlled pyrolysis. Additionally, there will be the implementation of electric vehicle infrastructure to replace internal combustion engines through CRX’s registered Electric Vehicle Accelerator (EVA) Grouped Project Activity, VCS3364.

Both CRX and UTM will consolidate their resources to develop high-quality carbon credits in conjunction with the international rules for both compliance and voluntary markets by raising carbon finance. This collaboration aligns with the commitment shared between Malaysia and Singapore to strengthen cooperation on renewable energy, carbon capture, utilization, storage (CCU/S), and the generation of carbon credits, established in October 2023.

Prof Fauzi UTM CRX
Prof. Datuk Fauzi (right) was giving a speech during the ceremony.

Prof Datuk Fauzi said, “The partnership with CRX is a testament to unwavering commitment to tackling climate change and achieving net-zero emissions. Together, we are creating an unstoppable force that will drive global and local efforts to combat this urgent threat and shape a sustainable future for our planet.”

Meanwhile Mr. Vinod Kesava, CEO of CRX, expressed, “It is our great privilege and honor to collaborate with UTM in addressing the climate emergency and provide credible and pragmatic solutions for climate change mitigation and adaptation. Carbon finance is a critical element in developing robust projects with clear and transparent methodologies for monitoring, reporting, and verification. This cooperation paves the roadmap forward for accelerating initiatives created by putting our heads together and working as one.”

UTM CRX
Mr Vinod, CEO of CRX (left) is grateful for this two-way collaboration).

Prof. Ir. Dr. Haslenda Hashim, the project leader, stated that the collaboration with CRX is a great recognition for UTM. CRX’s expertise in the field of carbon trading at an international level can open up greater opportunities for UTM to explore carbon credit projects with industry players and agencies in Malaysia, further supporting Malaysia’s desire to achieve a net-zero country by 2050. This signed agreement will witness various collaborative activities between UTM and CRX, including the sharing of knowledge, expertise, and research to address the problem of climate change effectively.

CRX is a carbon advisory and carbon asset management firm headquartered in Singapore. The founders of CRX have been active in the international carbon markets for over two decades, working with clients to produce carbon reduction and removal solutions.

UTM CRX

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