Issue #249 - 26 April 2021 Dear Subscriber, |
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Malaysia Outlines Electrification Agenda under the Low Carbon Mobility Blueprint 2021-2030
The Ministry of Environment and Water (KASA) and the Malaysian Green Technology And Climate Change Centre (MGTC) presented the final draft of the Low Carbon Mobility Blueprint 2021-2030 this month, aimed at driving increased use of electric vehicles and low-carbon transportation in the public and private sectors to lower Malaysia’s carbon emissions output.
The blueprint covers four key areas: vehicle energy efficiency improvement; EV adoption and related tax exemptions; alternative fuel adoption; and, greenhouse gas (GHG) emission and energy reduction.
Among the notable plans in the blueprint are the requirement of exhaust emissions testing for all new cars with the introduction of new GHG standards for new vehicles and a national average target, and full tax exemptions for government fleets, taxis and ride-hailing vehicles, as well as excise duty and import tax exception for up to 10,000 individual battery EVs until a local option becomes available.
KASA Minister Dato' Seri Tuan Ibrahim Tuan Man said the blueprint's plans will reduce GHG emissions by 165 million tonnes of CO2, save fuel expenditure of RM150 billion over 10 years, and increase use of electric vehicles and low-carbon transportation.
The blueprint is subject to final Cabinet approval.
Elsewhere, during the chairing of the first meeting of the Malaysian Climate Change Action Council (MyCAC) on 13 April 2021, Dato' Seri Tuan Ibrahim Tuan Man said MyCAC will be responsible for the implementation of the Low Carbon Mobility Development Blueprint 2021-2030. MyCAC will be the ultimate platform for setting the direction, discussing climate change policies and actions, driving green economic growth, catalysing green technology and low-carbon growth at all levels, particularly in the federal and state governments.
KASA, in collaboration with MGTC, Climate Governance Malaysia (CGM) and the World Wide Fund for Nature Malaysia (WWF-Malaysia), had also organised the Roundtable Discussion on Low Emissions Pathway for Malaysia on 12 April 2021, to share initiatives and obtain input from various stakeholders in facilitating the planning and implementation of programmes related to the Long-Term Low Emissions Development Strategies (LT-LEDS), which the ministry is developing and presenting to the United Nations Framework Convention on Climate Change (UNFCCC).
Related news articles on the Low Carbon Mobility Blueprint 2021-2030 here and here.
Related news article on MyCAC here.
KASA media statement (BM) on the Roundtable Discussion on Low Emissions Pathway for Malaysia here.
Watch the replay of the roundtable discussion here. |
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Zeronomics: ASEAN Companies Transitioning Too Slowly, Leaving the 2050 Net Zero Emissions Goal at Risk Three in five ASEAN-based companies are not transitioning to net zero fast enough, leaving them in danger of missing the Paris Agreement target of net zero carbon emissions by 2050, according to new research from Standard Chartered. Zeronomics, a study into the financing of a net zero world, surveyed the senior leadership of 250 large companies and 100 investment specialists around the world between September and October 2020 and found that:
- 60 per cent of ASEAN-based business leaders believe their companies are not transitioning fast enough (55 per cent of companies globally)
- Lack of support from their own investors is the biggest barrier to progress for companies in this region, cited as a significant obstacle by 73 percent (60 per cent globally)
- Carbon-intensive industries and companies based in emerging markets are struggling most with the transition
- Just 40 per cent of ASEAN-based companies fully support the aims of the Paris Agreement (47 per cent globally)
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, says: “As a key economy in ASEAN, Malaysia has committed itself to advancing the green agenda and reducing its carbon footprint by 45% by 2030. The Bank’s priorities are aligned to Bank Negara Malaysia’s which recognises the urgency for financial institutions in Malaysia to accelerate efforts that will enable us to strengthen climate risk management practices while supporting transitioning efforts by economic agents. Commitment to this agenda must be top of mind for all companies – public and private, large and small – and to succeed they must undergo major transformation.”
What are the barriers and how do we fix this? Find out more here. |
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BMCC Interest Group on Green Initiatives Holds Inaugural Virtual Meeting
On 19 April 2021, the newly formed BMCC interest group on green initiatives convened for their inaugural virtual meeting, hosted by Jennifer Lopez, the Chief Executive Officer of the BMCC.
The key objective of the interest group is to bring together like-minded organisations within our membership to network, share best practices, exchange ideas and collaborate to identify initiatives that BMCC can facilitate to advocate for business interests, address challenges as well as foster partnerships between industry and government.
The meeting was attended by representatives of the Chamber's member companies as well as the Chamber:
- Andrew Dalton, The International School @ ParkCity
- Murali Ram, Arup
- Jennifer Schwalbenberg, DDGI Limited
- Florence Tan, PricewaterhouseCoopers
- Sharon Yong, Ernst & Young
- Karel Avni Doshi, HSBC Malaysia
- Peter Fitch, IOI Palm Wood
- Dr. Paul Hubbard, NUMed Malaysia
- Dr. Chee Lee Pheng, Synthomer
- Hafiz Ahmad, BMCC
Through this meeting, the following priorities of the interest group were identified, which will shape the focus of its future activities and initiatives: - Learning and exchanging best green and sustainability practices among members
- Advocating to related agencies/policy leaders on green and sustainability policy matters
- Explore, learn and share ways to convince and influence their own stakeholders towards sustainability and net-zero carbon emission.
The interest group plans to hold a survey soon on the current state and challenges of businesses with regard to the green and sustainability agenda, to better understand how to take their initiatives forward. Watch this space for the survey launch. |
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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.
Register your interest here.
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ASEAN Low Carbon Energy Prosperity Programme (LCEP)
The ASEAN Low Carbon Energy Prosperity Programme (LCEP) is a UK-ASEAN collaboration (including Malaysia) that works with local and international entities from both the public and private sectors to harness the benefits from the deployment of low carbon energy by leveraging the UK’s extensive and proven expertise in green finance and energy efficiency through technical assistance and capacity building activities. Over the past year, the British High Commission Kuala Lumpur have been working with our delivery partners Ernst and Young, to support the Joint Commission on Climate Change (JC3) to deliver workshops on Climate Change and Sustainable Finance. A series of workshops have been delivered over the past year, specifically on the topics of “Understanding Climate-related Financial Risk” and “Identifying and Reporting Climate-related Financial Risk Workshop”. These workshops are now available on-demand, targeted to those working in the financial sector. Access the workshops here. |
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BritCham Webinar | Leading the way to COP26 – The UK’s journey to Net Zero
Leading the way to Cop26 – the UK’s journey to Net Zero, a panel event delivered in partnership with Drax, will enable participants to: - Gain a deeper understanding of net zero and the impact it will have on their business.
- Understand more about COP26, what it means for their business and how they can get involved.
- Hear a real-life case study from Drax, with their vision to be carbon negative by 2030, including the changes they’ve made and the hurdles they’ve faced.
- Take away actions to bring them closer to realising their net zero ambitions or targets.
Date: Monday, 17 May 2021 Time: 10.00pm - 11.00pm (MYT) / 2.00pm - 3.00 pm (GMT)
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UNGC Climate Ambition Accelerator 6-Month Programme
Accelerate Your Progress towards Setting Science-based Targets Aligned with 1.5°C Pathway
The UN Global Compact Climate Ambition Accelerator equips your company with the knowledge and skills you need to set science -based targets aligned with the 1.5°C pathway — and sets you on a path towards net-zero emissions by 2050. The accelerator will include digital learning , peer-to-peer sessions and coaching clinics. Company registration: 22 April - 21 June 2021
Programme begins: 22 June 2021 (Please check exact dates with your Global Compact Local Network)
Programme ends: December 2021
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Take 5 | Q&A with Luke Joseph, Head of country, bp Malaysia
From its beginnings as a small petroleum marketing operation, bp Malaysia has progressed significantly over the past 50 years to become one of the largest British investors in Malaysia with total investments of more than US$2.5 billion and a workforce of approximately 1,000 employees across the country today.
Luke Joseph, bp Malaysia's new Head of country, takes the spotlight in this issue as he shares bp's net zero aspirations through the company's new strategy to reshape its business, including plans to invest US$5 billion a year over the next decade into low-carbon energy through an integrated portfolio of low carbon technologies, including renewables, bioenergy and early positions in hydrogen and CCUS, while cutting gas and oil production by about 40% during the same period.
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Deloitte | The Future of the Chief Sustainability Officer
The Chief Sustainability Officer (CSO) is emerging as the “sense-maker in chief” in an organisation. The role comes in many forms but all require someone to have an understanding of changes in the external sustainability environment, and the ability to navigate, influence, and cut through the organisational complexity to allow the firm to deliver on its ESG commitments for commercial gain.
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EY | Why Decarbonisation Should Top Asia-Pacific Board Agendas
The decarbonisation imperative for organisations is accelerating. Institutional investors are pricing in the physical, market and regulatory impacts of climate change – and Generation Z is putting pressure on Asia-Pacific organisations to play their part in addressing climate change.
The region’s boards will play a critical role in steering their organisations on the journey to decarbonisation. Planning should start immediately. Organisations have all the information they need to start planning how they will adapt their business models to thrive in a decarbonised economy and remain attractive to investors. Ultimately, those organisations that adopt a strategy of decarbonisation will benefit from the good will of investors, employees and consumers, and the growing, sustainable value that it creates. Learn more here. |
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HSBC | HSBC Prioritises Sustainable Financing to Help Businesses Build Back Stronger
At HSBC, we are committed to sustainability. We believe that sustainable practices play an integral role for businesses to build back stronger in this new reality.
HSBC Malaysia, in partnership with Climate Governance Malaysia (CGM), hosted a webinar featuring distinguish panellists from CGM, HNG Capital, and Companies Commission of Malaysia on Transitioning into a Sustainable Future to guide Malaysian Corporates in discovering their potential in implementing sustainability at the core of their business model.
Contact us now and find out more on how you can take advantage of the sustainable financing opportunities available at HSBC to support your journey into sustainability. |
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ZICO Law | Malaysia's Continuing Green Aspirations Beyond 2020
The Renewable Energy Act 2011 played an important role in establishing Malaysia’s popular feed-in tariff system. But by the end of the 2010s, the legislation seemed past its prime and required a reboot to keep Malaysia on track in achieving its green aspirations. The year 2020 then came with its unique set of challenges, causing a setback for green energy policies and climate change legislation. However, Amin Abdul Majid, Partner and Caera Lee, Senior Associate of Zaid Ibrahim & Co. (a member of ZICO Law) argue in this article that notwithstanding those challenges, Malaysia displayed a persistence with continued efforts by the Government and other stakeholders in the industry to promote and increase renewable energy generation. They discuss what to expect in 2021 and beyond and look at the green energy initiatives and investment opportunities that have been introduced by the Government, aiming for a Malaysian economic recovery rooted in sustainable and responsible development. Malaysia will continue to be a promising focus for investments linked to renewable energy as it charts the course towards a more sustainable and resilient economy. Read the full article here. |
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UK Enshrines New Target in Law to Slash Emissions by 78% by 2035
The UK government will set the world’s most ambitious climate change target into law to reduce emissions by 78% by 2035 compared to 1990 levels, it was announced on 20 April 2021.
For the first time, UK’s sixth Carbon Budget will incorporate the UK’s share of international aviation and shipping emissions.
This would bring the UK more than three-quarters of the way to net zero by 2050.
The new target will become enshrined in law by the end of June 2021, with legislation setting out the UK government’s commitments laid in Parliament on 21 April 2021.
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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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