PETRONAS has signed a memorandum of collaboration with Bursa Malaysia to participate in its Early Adopter Programme (EAP) under its Centralized Sustainability Intelligence Platform launched in March this year.
Participation in the EAP, which seeks to accelerate corporate Malaysia’s transition toward a green economy, will see the energy group advocate for standardized ESG reporting and disclosures in addition to exploring the creation of further value through its supply chain.
The collaboration will also see CIMB Group (CIMB) offer Islamic and conventional sustainable supply chain financial solutions to PETRONAS’s supply chain to aid in the adoption of low carbon and sustainable practices, in line with CIMB’s MoU with the stock exchange in May 2022 to offer sustainable financing under the banking group’s #financing4ESG initiative.
“Since 2021, CIMB Corporate Banking Malaysia has offered approximately RM9 billion (US$2.03 billion) in sustainable financing based on our Green, Social, Sustainable Impact Products and Services framework, of which approximately RM1 billion (US$225.19 million) was granted to Malaysian PLCs [public listed companies] which are included under the F4GBM framework,” a spokesperson from CIMB told ISFI.
On the 22nd March this year, in conjunction with the launch of the sustainability platform developed with the London Stock Exchange Group (LSEG), Bursa Malaysia signed a memorandum of collaboration with Maybank and UMW Corporation to deploy the platform as the first participants of the EAP.
“We encourage other industry captains, particularly those with significant stakes in the global supply chain, to also tap into this avenue and take the helm for change within their respective verticals,” Umar Swift, CEO of Bursa Malaysia, commented.
The sustainability intelligence platform will serve as a repository for ESG disclosures for listed companies, allowing them to reinforce their sustainability disclosures. It also allows the non-listed suppliers of listed companies to calculate their carbon emissions impact and disclose standardized ESG data.
According to Cornelia Andersson, the group leader of sustainable finance and investment at the LSEG, the platform will contribute to a substantial increase in ESG data and analytics available on Malaysian listed companies. Cornelia noted that, in collaboration with Bursa Malaysia, the LSEG is also exploring the development of an ESG corporate reporting solution to increase the disclosure of climate-related risks and opportunities for investors.