BMCC Newsletter Issue #419 - Green Edition #35 (26 August 2024)
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This week's highlights: - MITI seeks RM300 bil in green investments to achieve net zero goals
- Join now! Our ESG Horizons initiative is back and looking for participants!
- Calling all DEI Champions! We want to hear your stories!
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MITI Targets RM300 billion in Green Investments by 2030 |
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Dear Subscriber,
The Ministry of Investment, Trade, and Industry (MITI) has set an ambitious goal to attract RM300 billion in green investments by 2030. |
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This initiative aims to support Malaysia's commitment to achieving net zero carbon emissions.
Achievements and Goals MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that Malaysia secured approximately RM40 billion in realised green investments between 2017 and 2023. The new target represents a significant 7.5 times increase that aligns with the National Energy Transition Roadmap, which seeks to reach net zero emissions by 2050.
Strategic Approach The Green Investment Strategy (GIS) was designed to integrate with key national policies like the 12th Malaysia Plan and the MADANI Economic framework. This ensures a comprehensive and sustainable approach to economic development without policy overlap.
Budget 2025 and Incentives For the transition to green energy, MITI emphasises the need for incentives in Budget 2025 to support local companies. Factories that operate inefficiently, producing higher carbon emissions, must invest in new technologies.
MITI is also advocating for incentives or reduced funding costs to assist small and medium enterprises (SMEs) in this transition.
Economic Impact The Green Investment Strategy is projected to contribute RM80 billion to Malaysia's GDP and create 350,000 high-skilled jobs by 2030.
Expanding Green Financing MITI plans to collaborate with Bank Negara Malaysia to broaden the criteria and scope of green financing. This expansion aims to make green financing more accessible, particularly for SMEs facing challenges in meeting current financing conditions.
The BMCC supports MITI's initiative toward reducing carbon emissions and is eager to assist our members who are also keen to advocate. |
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Want to be part of the green conversation? Join our Energy Committee and Sustainability Network!
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| BMCC ESG Horizons Returns This November! |
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This November, participate in BMCC ESG Horizons, our month-long initiative to support and spotlight the commitments and achievements of our members in their pursuit of Environmental, Social, and Governance (ESG) objectives. Themed 'Engage, Empower, Elevate', this year, we seek to holistically and realistically make ESG practices more accessible.
Throughout the month, join us as we... - Engage our members and stakeholders through various networking platforms
- Empower our members with resources and insights to foster growth and success
- Elevate our members with accomplishments in ESG
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| Calling All DEI Champions – We Want To Feature You! |
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We want to hear all your efforts and feature them as best practices to share with our network of members
Who is a DEI Champion? An individual within an organisation who actively promotes and supports diversity, equity, and inclusion (DEI) initiatives. They advocate for creating a more inclusive and open working environment, often by: - Raising awareness by educating others about the importance of DEI and helping to address biases.
- Implementing initiatives that lead or support DEI-related programmes, policies, and practices within the organisation.
- Fostering an inclusive culture that encourages behaviours and practices that promote a sense of belonging for all employees.
- Advocating for change and working to remove barriers and create opportunities for underrepresented or marginalised groups.
- Serving as role models demonstrating inclusive behaviour and influencing others to do the same.
We will feature you and your efforts in videos that will circulate on our social media during our ESG Horizons initiative in November!
If you are interested in being featured in our campaign, reach out to us at Comms@bmcc.org.my. |
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| Highlights from BMCC’s Second Roundtable on Combating Modern Slavery with PwC and BHCKL |
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We hosted a second roundtable on combatting modern slavery in the supply chain in Malaysia, a collaboration with PwC and the British High Commission in Kuala Lumpur. |
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The session further explored the three key areas in the workforce ecosystem from the previous session: hiring, repatriation, and termination, with an added focus on grievance mechanisms.
Governance and Compliance Issues Concerns were raised about Malaysia's lack of governance in addressing modern slavery, especially with its heavy reliance on foreign workers. Unlike the UK, which has the Modern Slavery Act 2015, Malaysia has yet to implement a similar law.
Ministry and Industry Efforts The Ministry of Human Resources (MOHR) plans to have the Department of Labour review the raised issues. MATRADE emphasised ongoing programmes addressing foreign hiring practices in collaboration with other ministries. Some companies only meet minimal compliance standards based on UK laws.
Workshop Summary A workshop on talent management highlighted issues like excessive working hours, lack of breaks, and limited access to personal documents, all contributing to poor worker performance. The discussion also emphasised the need for effective grievance mechanisms to protect employees. Key points included: - Challenges with migrant worker visas
- Recruitment fees
- Repatriation processes
- Protecting supply chain workers
- Roundtable Insights
A roundtable explored the public sector's role in combating modern slavery, emphasising better internal requirements for companies and the importance of including foreign workers in daily discussions. The need for social protection knowledge, effective grievance mechanisms, and a strong corporate culture to combat modern slavery was also highlighted. |
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Our CEO, Jennifer Lopez, and Government Affairs and Public Relations Manager, Yoong Hau Wei, recently met with Ching Luan Lau, Country Leader for Malaysia and Ir. Mohd Fazidin Faisal, Principal, of Arup. We discussed future collaborations on furthering the agenda for strategic and sustainable design and engineering in Malaysia.
We thank them for meeting with us and look forward to working with Arup more in the coming future. |
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| British Chamber of Commerce Singapore | The Sustainability Dialogue |
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We're delighted to share that The British Chamber of Commerce Singapore will be holding their inaugural Sustainability Dialogue at the Pan Pacific Singapore. The dialogue features a list of speakers from the UK and Singaporean governments, international and local corporations, and academia.
Join in on a discussion focused on the UK-Singapore Green Economy Framework, which will lead to green finance, decarbonising transport, low-carbon energy, and a sustainable urban future. |
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| CCUS Legislative Framework will Adhere to MA63 Decision on State Boundaries |
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The Ministry of Economy Rafizi Ramli assured Sarawak that the proposed legislative framework for the carbon capture, utilisation, and storage (CCUS) industry will adhere to the Malaysia Agreement 1963 platform's ongoing discussions on state boundaries.
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Rafizi said that, while the MA63 platform's discussion on the different interpretation of boundaries (between the federal government and the state government of Sarawak) is ongoing, the Ministry of Economy will keep abreast with its progress to ensure the CCUS legislation reflects the understanding reached.
Read the full article here. |
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| Malaysian Government Drawing up guidelines for disposal of solar panels, EV batteries |
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Guidelines for the disposal of solar panels and electric vehicle (EV) batteries are currently being developed, says Nik Nazmi Nik Ahmad. |
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The Natural Resources and Environmental Sustainability Minister said that this is due to concerns over the disposal of such materials that could harm the environment.
Read the full article here. |
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| Deloitte | Global Minimum Tax in Southeast Asia— A Reality Check (Webinar) |
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Deloitte Malaysia invites you to the Global Minimum Tax in Southeast Asia - A Reality Check webinar.
Join them in the upcoming webinar as they share with you the latest developments in SEA, and discuss the next steps (including data management as well as managing tax incentives) amidst the world’s largest international tax reform. This also presents them with an opportunity to undertake financial transformation.
Date: 30 August 2024 Time: 10.00 am to 12.00 pm (GMT+8) Venue: Zoom webinar Fee: Complimentary (by invite only)
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| PwC | Accelerating Carbon Capture Adoption in Malaysia |
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The urgency of climate change is becoming increasingly apparent, with Malaysia experiencing more frequent and intense weather-related disasters, food insecurity and water scarcity.
The effects of climate change are accelerating faster than predicted. Certainly, there is a need for an emergency response to deal with the scale of the climate crisis. Without stronger action, current global commitments would only reduce our total greenhouse gas (GHG) emissions by half compared with 2022 levels.
Read the full article here. |
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| Tex Cycle to Acquires 60% Stake in SEL for RM8.4mil |
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Tex Cycle Technology (M) Bhd has acquired a 60% stake in Safety & Environmental Laboratory Sdn Bhd (SEL) for RM8.4mil to enhance its environmental testing and compliance services. |
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In a filing with Bursa Malaysia, the waste management and recycling solutions provider said it entered into a term sheet with Kaliswaran Palanisamy to acquire 450,000 ordinary shares representing 60% of equity interest in SEL.
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| Tex Cycle Shares Positive Outlook on Waste Management |
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Tex Cycle Technology (M) Bhd said there are positive signs in the scheduled waste management business given the government's push for the compliance of waste generators and promotion of the renewable energy space. |
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Group CEO Gary Dass Anthony Francis said Tex Cycle has continued to demonstrate prudent financial management and vigilance in operational activities despite challenging market conditions.
Read the full article here. |
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| YTL Shares Industry Best Practices and Opportunities Towards Sustainable Construction |
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The journey towards sustainable construction may be riddled with challenges, but with the sharing of knowledge and best practices at events such as The Edge Malaysia and YTL Cement's Sustainable Construction: The Next Level Symposium, industry players came together and looked at how they could overcome such challenges and drive innovation.
YTL Cement executive director Rachel Yeoh noted that the country can cut carbon emissions by up to 60% if there is a switch to using only low-carbon cement and concrete in all construction projects.
Read the full article covering this event here. |
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| KSI Strategic Institute for Asia Pacific | 3rd Malaysian Sustainability Summit |
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The Malaysian Sustainability Leadership Summit (MSLS) in its 3rd edition, aims to bring together Government, Business, Thought and Civil Society Leaders to advance sustainability and to promote public-private and people partnership for the sustainable development goals (SDGs).
This year’s theme encapsulates the summit’s focus on public-private and people partnerships, the sharing of success stories and best practices, and the emphasis on climate action and a sustainable future. It also aligns with the summit’s objectives to advance sustainability through government, business, thought, and civil society leaders’ collaboration.
Date: 29 August 2024 Venue: Seri Pacific Hotel Kuala Lumpur
For more info, visit them here, or email mradhi@kasi.asia / wani@kasi.asia or call +603 64199698 to reserve your seat. |
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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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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) No 02-B, Menara IQ, Lot C7.11, Lingkaran TRX, Tun Razak Exchange, 55188 Kuala Lumpur Copyright © BMCC 2024 |
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