BMCC Newsletter #245 (29 March 2021) - 2nd Green Edition | British Malaysian Chamber of Commerce Berhad on Glue Up

Issue #245 - 29 March 2021

Dear Subscriber,

The British High Commission and BMCC Lead Conversation on a Zero-Carbon Future in Race to Zero Webinar

"The Time is Now: Race to Zero" webinar by the British High Commission Kuala Lumpur and the BMCC was successfully delivered on 25 March 2021. The webinar is the third instalment of the BMCC-British High Commission webinar series under the Great for a Sustainable Future campaign in the run-up to the 26th UN Climate Change Conference of the Parties (COP26).

H.E. Charles Hay MVO, British High Commissioner to Malaysia graced the event and delivered the special address, in which he said that COP26, which the UK will be hosting this November in partnership with Italy, "needs to be the moment where the world unites behind a fairer, greener recovery from the effects of COVID-19". He shared that as a developed country and industrialised nation, the UK has committed to deliver £11.6 billion (approximately RM66 billion) of international climate finance over the next five years, and Malaysia will be one of the recipient countries. His Excellency also said governments have a key role in legislating net zero targets and setting the framework, and within that the private sector needs to act. He urged all participants of the event to join the "Race to Zero" campaign and commit their businesses to reaching net zero by 2050 the latest.

In delivering the keynote address, Faroze Nadar, Executive Director, UN Global Compact Network Malaysia & Brunei said that as global economies such as the EU and China commit to achieving a net zero future, trade will start to pivot towards looking at trading partners who take into consideration ESG factors, and climate is going to be the core. It is now a business opportunity for Malaysia to position itself as a sustainable trading hub, and when the Malaysian private sector collectively pushes this, it will make Malaysia a very attractive player in global supply chains. He also said that the UN has demarcated this decade as the "decade of action", meaning now is the time to take action and achieve this race to zero together.

The webinar also featured a panel of progressive thought and business leaders discussing the transition to a zero-carbon future. They included Andreas Pistauer of Siemens Energy Malaysia; Andrew Sill MBE of HSBC Malaysia; Angelia Chin-Sharpe of BNP Paribas Asset Management; Dzafri Sham Ahmad of PETRONAS; Jason Snape of AstraZeneca; Dato' Mohammad Faiz Azmi of PwC Malaysia; Mohamad Irwan Aman of Sarawak Energy Berhad; and Professor Woo Wing Thye of Sunway Group. Jennifer Lopez, Chief Executive Officer of the BMCC, was the host and emcee for the event.

The BMCC thanks the British High Commission Kuala Lumpur, all supporting partners as well as our esteemed panel of speakers for the successful delivery of the webinar.

Watch the webinar replay here.

Lost Food – A Solution

In Malaysia, we waste more than 16,688 tonnes of food per day; when you convert this amount to a 350g meal, we are talking about 47.8 million meals a day (bearing in mind Malaysia has a population of 32.7 million).

Food waste also contributes to climate change because organic matter cannot decompose in landfills. It also costs the taxpayer billions in unnecessary disposal costs.

If the COVID-19 pandemic has taught us one lesson, it is that humans are at the mercy of nature. We have to be smart, pragmatic and understand that mother nature has ultimate power. We ignore this at our peril.

However, it’s not all doom and gloom. The Lost Food Project (TLFP) recognises the severity of this problem and have been tackling food waste not just to combat climate change, but also hunger. In five years, TLFP rescued 1.7 million kg of food, provided 5.5 million meals to the hungry and prevented 4.4 million kg of greenhouse gas emissions from landfills in Malaysia.

Besides "feeding the hungry, not the landfill", TLFP also goes beyond its core purpose to address prevalent social problems that get to the heart of impoverished communities in Malaysia, including period poverty and malnutrition. The BMCC is proud to be a partner of TLFP.

Webinar Flashback |

Energy Outlook 2021 – Charting A New Path Towards Sustainability

On 10 March 2021, the BMCC with support from the British High Commission Kuala Lumpur, hosted the “Energy Outlook 2021” webinar with the theme “Charting A New Path Towards Sustainability”. This virtual event, inaugurated by Mohamad Hanif Hashim, Chairman of the BMCC Energy Committee and BMCC board member, is one of the key initiatives of the BMCC Energy Committee as part of its role in addressing current issues pertaining to the energy sector.

The BMCC had the privilege of having the Honourable Deputy Minister of Energy and Natural Resources, YB Datuk Ali Biju deliver the special address with a focus on the Government’s policies and initiatives in driving sustainable energy in Malaysia. YB Datuk Ali Biju also shared the importance of implementing these programmes through the support of various stakeholders including industry players in the energy industry.

This event also was joined by a list of esteemed speakers: Ken O’Flaherty, COP26 Regional Ambassador to Asia Pacific and South Asia; Dr Jason Mariyappan, Head of New Energy PETRONAS; and Azman Nasir, Regional Director (Asia Pacific) of the Energy Industries Council UK. Each speaker shared valuable insights on the challenges, market trends and opportunities in energy transition and diversification for businesses. Dr Leon Rosario, ASEAN Technical Director of Ricardo Asia (Ltd) UK moderated the Q&A panel session.

The BMCC thanks the British High Commission Kuala Lumpur, all supporting partners as well as our esteemed panel of speakers for the successful delivery of the webinar.

Watch the webinar replay here.

Deputy Prime Minister of Energy & Natural Resources' speech text here.

British High Commission-BMCC Webinar |

UK Green Investment Landscape: Outlook for Malaysian Investors

The BMCC, in collaboration with the British High Commission Kuala Lumpur, is delighted to have the Lord Mayor of the City of London, Alderman William Russell, and a panel of subject matter experts share insights on the strategic role of green finance in mitigating climate change and generating investment returns:

H.E. Charles Hay MVO

British High Commissioner to Malaysia

Allan Walker

Green Finance Specialist, Financial and Professional Services Group (FPS), UK Department for International Trade (DIT)

Federica Giacometti

Business Development Senior Associate, Multi-Asset Primary Markets, London Stock Exchange Group (LSEG)

The session will also highlight the growing opportunities for investment in the UK's green sectors, a key priority for the UK, as president designate for COP26 in Glasgow this year and one of the first countries in the world with a target to reach net zero emissions by 2050.

Date: Wednesday, 31 March 2021

Time: 4.00pm - 5.30pm (MYT) / 8.00am - 9.30am (GMT)

Flyer here.

IGEM 2021: Calling for Interest from UK Exporters to Showcase UK Products and Solutions in Green Technology! (1 July - 31 December 2021)

The BMCC is pleased to support the upcoming largest trade showcase in Southeast Asia for green technologies and eco-solutions over the past decade, the 12th International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM 2021). Calling all UK companies to join us in showcasing the best of British innovations under one UK virtual pavilion.

For enquiries, please contact hafiz@bmcc.org.my.

Take 5 |

Q&A with Mark Arthun,

Managing Director & Site Leader,

Smith+Nephew Operations Sdn Bhd

Smith+Nephew is a global medical technology company with a vision of designing, manufacturing and using technology to take the limits off living.

Along with their customers and stakeholders, Smith+Nephew is focused on the environmental footprint of their products and services, supporting progress towards the goal of innovating sustainably while improving environmental impact and reducing costs.

This issue, we invite Mark Arthun, Managing Director & Site Leader, Smith+Nephew Operations Sdn Bhd, to share his views on the significance of the green agenda to Smith+Nephew.

Read the Q&A here.

Deloitte |

Goal 13 Impact Platform: Emerging Findings

The Goal 13 Impact Platform is the result of a partnership between Deloitte, the Confederation of British Industry, Chapter Zero, The Prince’s Accounting for Sustainability Project, Dell Technologies and the Met Office. The goal is to accelerate progress in the climate transition, in order to reduce emissions and enhance resilience. We aim to do this by publishing company insights, inspiring further climate commitments and action, and facilitating collaboration.

Download article here.

HSBC |

HSBC Supports HNG Capital’s ASEAN Expansion in Sustainable Power Generation Business

HSBC has set out a plan to prioritise financing and investment that supports the transition to a net zero global economy; with a pledge to reduce financed emissions from HSBC’s portfolio of customers to net zero by 2050 or sooner.

HSBC Malaysia recently acted as the sole lender for a USD 44.0 million 5-year Committed Term Loan to HNG Capital Group (HNG Capital) to finance the acquisition of a stake in a 330MW solar project in Vietnam.

Karel Avni Doshi, Country Head of Corporate, Commercial Banking, HSBC Malaysia said: “HSBC is proud to support Malaysian company HNG Capital in its regional expansion journey within ASEAN, particularly in sustainable energy initiatives. This bodes well with HSBC’s net zero ambition where we aim to support our valued customers on their journey to a net zero carbon future while ensuring their ongoing resilience and growth.”

Find out more about HSBC’s support to HNG Capital here.

IOI Palm Wood |

Transforming Oil Palm Trunks into High Quality Sustainable Materials

IOI Palm Wood became the world's first and only corporation in the world to commercially and sustainably produce engineered wood panels from unused oil palm trunks (OPT) with their groundbreaking project that "ticks all the boxes" in terms of:

Sustainability ─ The raw material is currently a waste material left to rot in the field.
Environment ─ Utilising existing plantations, during the replanting cycle. No deforestation.
Scalability ─ Malaysia has approximately 12 million acres of oil palm plantation.
Market ─ Will provide much needed materials for the construction, furniture and building materials industry.
Economics ─ A great multiplier effect turning a worthless waste product into a high value high performance timber equivalent material.

Chief Executive Officer Peter Fitch also talks about how OPT may emerge as a sustainable and carbon-friendly solution to the declining timber supply faced by the Malaysian panel and furniture industry.

PwC |

Creating a Strategy for a Better World: PwC SDG Challenge Malaysia Report

PwC explored over 1,000 global company reports to find out how businesses are engaging with the United Nations’ Sustainable Development Goals (SDGs), as part of PwC’s global SDG Challenge. This publication shares the results of the analysis among 45 Malaysian-based companies across 5 key industries. It highlights how companies are engaging with the SDGs, integration in their business strategy, and the level of support they are getting from leadership, among other insights.

Read the publication here.

Shell Malaysia |

Shell Malaysia: Navigating the Energy Transition in a Challenging Landscape

As the largest independent oil producer in the country, as well as the largest gas producer in Malaysia, Shell Malaysia is transitioning to a net-zero emissions business through its energy transition strategy, “Powering Progress”. The Shell Group has the goal of becoming a net-zero emissions energy provider by 2050, aiming to reduce its net carbon emissions to nil. Read about their journey towards zero-emission here*.

*Source: Shell Malaysia and The Edge Markets, 22 March 2021

Joint Statement by Bank Negara Malaysia and Securities Commission Malaysia: Towards Greening the Financial Sector

In a joint statement issued by Bank Negara Malaysia and Securities Commission Malaysia on 25 February 2021, it was announced that the Joint Committee on Climate Change (JC3) outlined four initiatives to further strengthen the financial industry’s capacity in managing climate-related risk and enhance its role in green finance for 2021.

Priorities were set to develop guidance documents on risk management and scenario analysis, complementing the implementation of Climate Change and Principles-Based Taxonomy (CCPT) and advance climate risk management and stress testing practices in the financial sector.

JC3 will also support the implementation of climate-related disclosures that are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Media statement here.