12th Green Edition Newsletter #292 - 28 February 2022
Dear Subscriber, |
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| ESG In Malaysia - A new norm in business practices |
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In addressing the need to shape a more sustainable world - Environmental, Social, and Governance (ESG) are seen as key resolutions for industries to grow sustainably and responsibly. It is imperative for businesses to adopt a tangible, practical plan whilst embedding these principles – from investment to sustainable innovation.
ESG is more than good intentions – as a new norm in business practices, it best reflects the business representation, alignment of sustainable goals, stakeholder engagement priorities, and the impacts left behind. Integrating ESG elements into business practices is a critical role in producing long-term value for business resilience – as they are better positioned and prepared for any uncertainty.
On top of it all, a commanding ESG performance is essential in securing international funding access – with more global investment funds requiring a “free from ESG risks” clause in their search for investee companies. With more than 4,300 signatories to United Nations Principles for Responsible Investment (UNPRI), adopting ESG is vital in securing a healthy flow of investment strategies and avoiding a shrinking pool of investors.
With rising global ESG consciousness and commitments to the United Nations 2030 Sustainable Development Goals (UN SDGs), Malaysia is following suit with its own commitment to the sustainability agenda through the 12th Malaysia Plan (12MP, 2021 - 2025) - which is aligned to 17 UN SDGs and determined to move the nation towards a more sustainable future.
The country’s central bank, Bank Negara Malaysia (BNM) took heed and continues to promote sustainable development – with one of the main priorities of the Financial Sector Blueprint 2022-2026 being to facilitate a smooth transition of the banking system into a greener economy. In addition, Bursa Malaysia continues to build upon the FTSE4Good Index which sets the benchmark for ESG compliance. |
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At the BMCC Malaysia Climate Action Week back in October 2021, the Chamber addressed one of the key aspects of Race to Zero entitled “Incorporating ESG into Your Business” and we are proud to have played our role in gathering businesses and governments alike to initiate discussion on a vital matter. It was also from that significant week, that the Chamber launched the BMCC Climate Action Pledge which saw 26 pledge signatories to join in the cause.
To watch back on the Malaysia Climate Action Week, click here.
Nevertheless, the Chamber is constantly looking to extend the Pledge to more organisations. If you are keen to know more about the Pledge or wish to commit to the BMCC Climate Action Pledge, take your initial step today and sign up here!
Additionally, at our flagship event Business Excellence Awards 2022, supported by the British High Commission, Kuala Lumpur - will take place on 26th May 2022 at Sunway Resorts. (save the date!) This year, we are recognising achievements of businesses adopting ESG practices through the Outstanding ESG Award.
The Awards nominations are now open and the Chamber welcomes our members and interested organisations to participate. To watch back on the previous Business Excellence Awards Gala Dinner in 2019, click here. |
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To our members who would like to contribute or feature on our Green E-Newsletter, kindly email your inquiry to comms@bmcc.org.my
Stay up to date with the Chamber’s latest news and activities through this newsletter or follow us on our social media platforms. |
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| Webinar Overview on SME Financing: Emerging from Covid-19 Pandemic, and Beyond |
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The Chamber, in collaboration with Standard Chartered Bank Malaysia, organised a webinar entitled SME Financing: Emerging from Covid-19 Pandemic, and Beyond.
The webinar indulged on and brought to light the opportunities for SME financing in Malaysia and best business practices to maneuver through the pandemic as shared by our panelist of speakers:
- Raj Tatavarty, Managing Director, Head of Business Banking from Standard Chartered Bank Malaysia
- Masliza Zainal Abidin, Head of Marketing of Syarikat Jaminan Pembiayaan Perniagaan (SJPP)
- Czarif Chai Abdullah, Senior Director Business Advisory & Support Division of SME Corporation Malaysia
- Aizat Rahim, Managing Director of Dropee
- Ko Chuan Zhen, Group Chief Executive Officer & Co-Founder of Plus Xnergy Holding
- Woon Siew Hoong, Executive Director, Head of Medium Enterprises of Standard Chartered Bank Malaysia (Moderator)
The Chamber would like to express its gratitude and appreciation to all participants of the webinar - we hope you found the sessions insightful and beneficial.
Watch the webinar recording here.
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| Christian Tavelli | General Manager of Mandarin Oriental Kuala Lumpur |
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Mandarin Oriental is one of the leading luxury hotel groups in the world and operates 33 luxury hotels and 7 residences in 23 different countries across the globe, with each property reflecting the brand’s oriental heritage. It has 8 standalone hotels, 10 hotels and residence projects, and 2 residences in the pipeline across the world to be opened in the next 5 years. With over 13,000 employees, it is one of the most iconic and well-managed hospitality brands from the Asian region.
Meet Christian Tavelli, the General Manager of Mandarin Oriental Kuala Lumpur. In this interview, he shares with us the numerous initiatives that Mandarin Oriental Kuala Lumpur undertakes as part of their efforts towards green sustainability.
"In our hotel, we have eliminated all single-use plastic - a goal that we gladly accomplished in June 2021 with the help of all of our departments and the understanding and admiration of our guests. Aside from that, we have committed to sourcing and serving only sustainable seafood with GSSI-recognised ecolabels whenever possible." |
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| BSI | Circular Economy in the Food Sector |
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The food industry is getting a lot of attention in recent times. The conservation of Earth's resources has become a critical concern, and the classic linear 'take, make, and dispose' strategy is no longer applicable. Even relying on materials that may be recycled by the end user, which was formerly hailed as an environmental saviour, is now frequently regarded as a 'lazy' alternative.
To address these challenges, read up on the BS 8001 Circular Economy which is a business improvement standard that helps get food industry enterprises started on the right track. The standard provides for an extensive guidance on how to incorporate sustainable practices into their operations. |
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HSBC's goal of becoming net zero in their operations and supply chain by 2030 includes the elimination of single-use plastic cards. As a result, it was announced last year that they will phase out single-use PVC cards by the end of 2026 in favour of more sustainable recycled PVC plastic (rPVC) cards.
This is predicted to lower CO2 emissions by 161 tonnes per year while also reducing plastic trash by 73 tonnes per year. |
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| InvestKL | Golden Jubilee: Kuala Lumpur Moving Towards Becoming Sustainable City |
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After fifty years after being designated as Malaysia's first town on February 1, 1972 - Kuala Lumpur is now on its way to becoming a sustainable, prosperous and resilient city.
Datuk Seri Mahadi Che Ngah, Mayor of Kuala Lumpur, stated that by 2040, Kuala Lumpur City's goal, as well as all visions, will be realised, and Kuala Lumpur City Hall (DBKL) will focus on strengthening governance, traffic control, and flood control. "Of course, after over 40 years of pursuing the greening mission with the goal of making Kuala Lumpur a 'garden city', we want to enhance the target by building a 'city in the garden'." |
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| Standard Charted Bank Malaysia | Seals RM251mil ESG-linked derivative transaction with Etika Group |
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Standard Chartered Bank Malaysia has entered into an environmental, social, and governance (ESG)-linked derivative deal worth RM251 million with beverage manufacturer, distributor, and marketer Etika Group. Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia as well as Chairman to the Chamber, commended Etika's decision to actively alter the group's sustainability policies to address today's critical environmental and social challenges.
"Essentially, helping our clients in their sustainability aspirations also contributes to our own ESG ambitions. The bank aims to achieve net zero carbon emissions from our financing by 2050, as part of our strategic commitment to put the world on a sustainable path to a zero-carbon economy,” he said. |
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| United Nations Global Compact Network Malaysia and Brunei (UNGC) | Prepare for Sustainable Trade |
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As economic activities progressively resume, operating a sustainable company is increasingly becoming an imperative for future business continuity. Companies will have to gradually work their way up a new sustainable standard to participate in future trade.
“This means that the rules of engagement of trade will change. In moving forward, and moving very fast, trade will now include the element of sustainable trade,” says Faroze Nadar, executive director of United Nations Global Compact Network Malaysia and Brunei (UNGC). |
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An enhanced education ecosystem -New Straits Times |
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Climate change: Can the UK afford its net zero policies? -BBC News |
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Malaysia leads in Asean’s sustainable sukuk with US$3.9b issuance -The Sun |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) E04C0, 4th Floor East Block, Wisma Golden Eagle Realty, 142-B Jalan Ampang, 50450 Kuala Lumpur Copyright © BMCC 2021 |
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