Issue #267 - 30 August 2021 Dear Subscriber, |
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Get Ready for Malaysia Climate Action Week...Coming to You this October!
In March this year, the BMCC collaborated with the British High Commission to present the "The Time is Now: Race to Zero" webinar as part of a series of engagement initiatives to herald the upcoming 26th UN Climate Change Conference of the Parties (CoP26) in October. The event fielded a panel of progressive thought and business leaders and successfully brought forth a much-needed discussion on the transition to a zero-carbon future by businesses, from across Malaysia and the world, and how we could scale up the current efforts further.
Now, we are coming back with five times the impact in Malaysia Climate Action Week, happening 25-29 October 2021! Themed "Race to Zero: Keeping Up the Momentum", this event promises five days of thought-provoking webinars on the key climate action themes that everyone should consider for the sustainability of their businesses, livelihoods and the planet.
Save the date and stay tuned for more information on Malaysia Climate Action Week, specially organised for businesses in the coming weeks! |
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UN Global Compact Network Malaysia & Brunei Launches the MYClimateAction Guide for Malaysian Businesses Our earth is no longer the same as it was before – floods, droughts and wildfires are becoming more frequent and increasingly intense as climate change warms the planet. Devastating floods in Europe and China, wildfires across North America and extreme weather which places Malaysia at risk of flooding are the latest examples of how climate change is affecting the world. The sixth report released recently by the UN’s Intergovernmental Panel on Climate Change (IPCC), which UN secretary general António Guterres coined as “A code red for humanity”, warned that we are on a dangerous trajectory that will see these climate disasters increase as the world reaches 1.5°C. We often see calls for actions to “save the planet” but does the planet need our saving or does our future need to be saved from the planet? Our dependence on fossil fuels is contributing to the warming of the earth. We are choking our planet and only putting ourselves at risk. It is clear that climate change is unequivocally caused by our activities and that some effects caused by the warming are likely inevitable and irreversible. However, there is still hope if we want to win this race and that’s by having an immediate and steep reduction in our greenhouse gas emissions. As the world recovers from the Covid-19 pandemic, leaders need to reevaluate their current plan and set more ambitious targets to enforce positive climate actions. The act to decarbonise does not merely benefit earth but also our livelihood. In conjunction with the Earth Overshoot Day on 29th of July, UN Global Compact Network Malaysia & Brunei (UNGCMYB) officially launched the MYClimateAction Guide to the public. The Malaysia-centric climate action guide was developed in partnership with Tata Consultancy Services Malaysia, Nottingham University Business School Malaysia and SENTRAL College Penang to help leaders position climate change within their companies as a core business concern. Globally, we only have until 2030 to avert runaway climate change, and it is critical for companies of all sizes to take action, especially in Malaysia where as many as 98.5% of business establishments are SMEs. Given the crucial role of businesses in leading Malaysia towards achieving a low carbon future and averting a path towards climate catastrophe, the release of the MYClimateAction Guide consisting of three different guidebooks aims to: 1. Strengthen the business case of embarking on a Low Carbon/Net Zero pathway through the analysis of physical and transitional risks faced by Malaysian corporations. 2. Present a “Total Climate Management” framework as a guide for business leaders to embark on their journey to decarbonisation. 3. Produce localised case studies which serve as a reference point for corporate leaders, business schools and relevant parties. The key components of the guide include four core beliefs, one framework, over 10 tools, and more than 30 resources. In addition, Malaysian business leaders such as PETRONAS, Sarawak Energy, MRCB and Axiata were interviewed as case studies for this guide as they have made ambitious commitments towards climate and net zero commitments. Their best practices can serve as examples for other business leaders.
Access the MYClimateAction Guide here.
Access the MYClimateAction Guide Launch here. |
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BMCC Environmental Sustainability Readiness Survey among Companies in Malaysia
The BMCC is conducting a survey with the aim of measuring the environmental sustainability readiness among corporates and identifying the areas where support is needed for its implementation.
Your feedback is important in providing a clearer view on the current practices, readiness and challenges facing the business community in the environmental sustainability agenda.
Please submit your feedback to this survey here.
Closing date: Friday, 10 September 2021. |
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Take 5 | Q&A with Loh Wei Yuen, Head of Malaysia, ICAEW
Committed to tackling climate change and supporting UN Sustainable Development Goal 13, ICAEW is the first major professional body to be carbon neutral. ICAEW believes that chartered accountancy can be a force for positive change, helping to create a better future for all through the sharing of insight, expertise and understanding.
Loh Wei Yuen, Head of Malaysia, ICAEW speaks to us on how the professional body and the accountancy profession are contributing towards the building of sustainable economies, while ensuring our planet’s resources are managed sustainably. |
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Deloitte | Building Credible Climate Commitments: A Road Map to Earning Stakeholder Trust
Prompted by a growing awareness of humans’ impacts on the planet; increased pressure from stakeholders; and the realisation that the long-term viability of every enterprise hinges on the availability of finite and fragile natural resources, there’s a growing acceptance that every business needs to be a sustainable business – or be on a clear path to becoming one. But how do organisations deliver on these initiatives and commitments?
Organisations have to be cognisant of the trust and commitments that they represent to their stakeholders to include credible plans and milestones toward achieving net-zero goals and measuring and communicating progress. But are these enough to demonstrate strong impact and changes that the stakeholders want? We believe that this journey takes time but comes with increasing urgency. Now is the time to accelerate progress.
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HSBC | HSBC Lands Malaysia’s First Green Trade Financing in Cocoa Sourcing
HSBC Amanah Malaysia Berhad (HSBC Amanah) has successfully completed a bespoke Green trade financing facility to Guan Chong Cocoa Manufacturer Sdn Bhd, a wholly-owned subsidiary of Guan Chong Berhad (GCB). The deal is the first green trade financing facility for sustainable cocoa sourcing in Malaysia.
The green financing supports GCB’s sustainable ambition to achieve 100% Traceable and Sustainable cocoa by 2030 from its direct cocoa bean sourcing network.
GCB, the world’s fourth largest cocoa grinder, has a long term vision of building a sustainable business that aims to positively impact the cocoa supply chain through their sustainability programme, Good Cocoa & Beyond, and its four pillars. This includes improving farmer incomes, protecting the environment, benefitting the farmers and their communities, and providing responsible cocoa. The Green Trade Finance provided by HSBC Amanah serves as a foundation in supporting this vision.
Know more about our HSBC Amanah’s Green Trade Finance structure here. |
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ZICO Law | Infographics Series I (Part III) – Embracing Sustainability in Business Operations
Sustainability has become an increasingly important consideration in the management and operations of businesses across all industries. The need to embrace sustainability has grown in recent years especially with the call to combat climate change and recognition of its long-term benefits. It involves a business strategy where consideration is given on the manner in which an organisation can operate in the ecological, social and economic environment that can create long term value for its stakeholders and community.
In encouraging the generation and use of renewable energy (RE), the Malaysian Government has introduced the Net Energy Metering (NEM) Programme where electricity consumer can generate its own RE from its rooftop solar photovoltaic (PV) system for self-consumption with excess energy being exported and sold to the utility. To further promote the generation of renewable energy for own consumption, NEM 3.0 Programme was launched offering three types of programmes with a total allocation of 500MWac. The infographic is aimed at providing an overview of the NEM 3.0 Programme and the manner in which eligible electricity consumers can participate in the programme.
Download the infographic below. |
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ICAEW | Climate Summit 2021
A five-day virtual summit of events, videos, podcasts and articles to help chartered accountants act on climate. This is the first such summit bringing ICAEW members from across the profession together on the issue of climate change.
Ahead of a pivotal COP-26, listen, watch, discuss and explore the issues of climate change and take away what you can do to act now. Five days of virtual events will look at climate issues now and into the future, ensuring you will gain practical insights to build a more resilient future.
Date: Monday 18, October 2021 - Friday, 22 October 2021
This event is open to non-members.
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The BMW iX – A New Vision of Sustainable Mobility Pure electric driving pleasure, sustainably created from the ground up. All-new lightweight architecture and alternative drivetrains purpose-designed for future-ready electromobility, produced with 100% renewable energy using up to 99% recyclable components.
The BMW iX incorporates sustainable materials, including secondary aluminium, plant-derived fibres, and upcycled components, to bring not just a superbly designed, fully-electric driving experience to life, but a brand new vision of premium mobility defined by sustainability throughout its value chain – all to create the ultimate electric driving machine. |
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Jersey Finance | Jersey – An ESG-Focused International Finance Centre
Jersey Finance launched its “Jersey for good – a sustainable future” initiative earlier this year as part of its role in identifying Jersey as a jurisdiction of choice for sustainable finance. The initiative aims to support individuals and organisations with their sustainable objectives. Read their latest article on Jersey as an ESG focused international finance centre by Maria McDermott, Business Development, Asia, Jersey Finance Limited.
Jersey Finance BMCC Member Profile here.
Latest news on sustainable finance here.
Podcasts on sustainable finance here. |
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Ricardo | How to Develop an Effective Sustainability Strategy
No matter where you are on your sustainability journey, Ricardo has decades of experience that can help you to assess how far you've come, which direction you should take, and what your next steps should be.
For more information, email Dr Leon Rosario, Ricardo ASEAN Region Technical & Marketing Director based in Kuala Lumpur, at Leon.Rosario@ricardo.com. |
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UK PACT Backs Low-Carbon Transition in Malaysia with £1.4 million in Support
The UK PACT (Partnering for Accelerated Climate Transitions) programme has announced five new innovative climate action projects in Malaysia totalling £1.4m. These are capacity-building projects that will enable low-carbon and nature preservation transition plans: - In the green finance sector, a project led by WWF will work to support data-driven decision-making, incorporating considerations of climate and environmental risks.
- In the energy sector, a project delivered by Forever Sabah will contribute to clean energy transitions and the development of off-grid community renewable energy sources in the state of Sabah, working with the state government and indigenous communities.
- In the nature sector, a project implemented by Rimba will support the raising of revenue for the state of Terengganu through nature-based carbon finance and offsets through forest and biodiversity conservation.
- In the low-carbon planning sector, UK PACT will be supporting two projects. A project led by Eco-Ideal will work on the integration of carbon emissions data in city land-use planning in the state of Johor. A project led by PwC Consulting will focus on the green economy for the state of Sarawak, leading to the creation of green jobs.
More information about these projects can be found here. |
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Malaysia Updates NDC to Reduce Intensity of Unconditional Greenhouse Gas Emissions by 45%
Malaysia has updated the targets in its climate change action plan by submitting Nationally Determined Contributions (NDC) to reduce the intensity of unconditional greenhouse gas (GHG) emissions by 45% based on gross domestic product by 2030. This was announced by the then Environment and Water Minister Datuk Seri Tuan Ibrahim Tuan Man at the Climate Change e-Colloquium 2021 and the launch of Malaysia’s Third Biennial Update Report to the United Nations Framework Convention on Climate Change on 3 August 2021.
Access the updated document here.
Related news article here. |
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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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