MoU Signing of Partnership in Certified Carbon Credit Trading and Services

KUALA LUMPUR, 27 May - International Climate Action Services Limited (ICAS), Tek Securities Limited (TEK) and BBS Trust International Limited (BBS) from Labuan and Beijing Tianqing Power International Clean Energy Consulting Co., Ltd. (Tianqing) from china and OpenPower from Hong Kong, and Weng Yat Resources Sdn Bhd, today signed Memorandums of Understanding (MOU) alongside with the International Islamic Finance Market (IIFM) and the Labuan Financial Services Authority (LFSA) seminar titled "Risk Management and Value Creation in Islamic Finance via Sustainability, Tokenization, and Hedging" on May 27th, 2024, at the Mandarin Oriental, Kuala Lumpur.

Under the MOU, the Parties will work towards development of potential carbon projects in the world, establish climate assets, including carbon credits, that meet international standards and provide trading solutions for the voluntary carbon markets. The Parties agreed to collaborate in the voluntary carbon market through facilitation of climate assets trading in line with the framework of Article 6.2 of the Paris Agreement.

ICAS strategically based in the Labuan International Business and Financial Centre (IBFC), the Founder Prof Dato Dr H'ng Paik San, which he served as academician in Faculty of Forestry, Universiti Putra Malaysia and numerous sustainability framework working committee is committed to transforming global sustainability efforts by becoming a leading provider of climate action management through the 1st certified carbon registration system. Utilizing advanced blockchain technology, ICAS offers unmatched transparency, security, and efficiency in managing climate actions. ICAS services span the lifecycle of climate initiatives, from project inception to impact reporting, targeting both mitigation and adaptation strategies across various sectors and regions.

While, TEK incubates companies to embark on their journey towards climate targets of net zero emissions. The process involves from conducting initial carbon assessments, creation of company roadmaps for emission reduction strategies until the disclosure of the emission under designated framework such as ISO ESG.

BBS, a licensed Labuan trust company, specializes in global corporate deals and trustees services dedicated to delivering value-added and cost-effective services. With the rising standards of environmental protection across various industries, BBS has also ventured into compliance services in carbon management. As a trustee, BBS plays a unique role in facilitating the transfer of Certified Emission Reductions (CERs) by unitizing and digitalizing carbon credits. This ensures a seamless and efficient process for clients, aligning with the latest environmental standards and market trends. BBS is committed to leveraging its expertise to support sustainable growth and compliance in the evolving global market.

OpenPower is a market leader in providing the digital infrastructure for energy transition. It stands at the forefront of driving trust throughout the green transition, leveraging its unparalleled expertise and dedication. By offering advanced technologies and essential compliance solutions to asset owners, investors, and power infrastructure providers, OpenPower plays a pivotal role in accelerating the global adoption of sustainable practices.

At the heart of OpenPower's strategy lies the groundbreaking OpenGO platform, a global first-of-its-kind solution validated by TÜV Rheinland to be RE100 Technical Criteria compliant. This platform empowers corporates and financial institutions to drastically reduce climate regulatory and standards compliance efforts. OpenPower's commitment to sustainability makes it an indispensable ally in the collective endeavor towards a sustainable future.

Weng Yat Resources, a prestigious manufacturing and distribution company established in 2009, is proud to announce the expansion of its product line. Known for high standards in quality and service, Weng Yat Resources offers a comprehensive range of steel products, modular system scaffolding, wood pellets, sawdust wood briquettes, and renewable energy solutions. By adopting the latest technologies to enhance productivity in manufacturing high-quality biomass fuel, this expansion underscores our dedication to innovation and customer satisfaction across industries including civil engineering, oil & gas, infrastructure, and recycling.

Beijing Tianqing was established in 2005. It is one of the earliest companies in the world to deal with climate change. The company is located in Beijing, China.

Tianqing is committed to the international response to climate change, and has delivered 168 high-quality carbon emission reduction projects for the Clean Development Mechanism (CDM) under the United Nations Framework Convention on Climate Change (UNFCCC). It ranks first in the comprehensive ranking (source: Climate Department of China National Development and Reform Commission/UNEP DTU Partnership), bringing project owners USD 400 million in carbon asset management benefits.

While actively engaged in carbon asset management business, Tianqing is also actively involved in the field of climate finance. Continue to track the international climate financing mechanism, follow up the progress of the financial mechanism negotiations under the UNFCCC, and establish contacts with international multilateral climate funds such as the Green Climate Fund (GCF), the Global Environment Facility (GEF), and the Adaptation Fund (AF), and are familiar with international climate change funds. related policies and rules of use.

In view of Tianqing's outstanding contribution to global carbon emission reduction and addressing climate change, in March 2015, the secretariat of the Green Climate Fund (GCF), a financial operating entity under the United Nations Framework Convention on Climate Change, approved Tianqing as a member of mainland China. The first, and currently the only, GCF observer agency to advise on the development of GCF and to promote GCF in China and other countries.

This collaboration brought together leading industry experts to explore the convergence of carbon credit considerations with innovative financial instruments like tokenization and hedging in the Islamic finance landscape.

For further information, please contact Prof Dato' Dr. H'ng Paik San, Tel: 016-2903919

Tek Securities
Level 33=02, Menara The Stride, Bukit Bintang City Centre, Jln Pudu, Bukit Bintang, 55100 Kuala Lumpur, Federal Territory of Kuala Lumpur.
Gordan Leong (marketing manager) , +601118866887

TEK Securities - Transfer agent
ICAS Limited - Register body
BBS trust - trustee company
Tianqing - carbon credit sponsor
Openpower - certified verification platform
Weng Yat resources - carbon project developer (biomass manufacturer)

This release was published on openPR.