BMCC Newsletter Issue #428 - Green Edition #36 (28 October 2024)
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This week's highlights: - Coming up, throughout November – BMCC's 2nd ESG Horizons!
- Malaysia Launched the New National Sustainability Reporting Framework (NSRF)
- Calling all DEI Champions – We want to hear your stories!
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Tick tock, we are just 4 days to November! Our month-long ESG Horizons campaign is just around the corner, and we can’t wait for you to engage in events, knowledge-sharing sessions, and celebrations of our members' achievements. Together, we’ll explore best practices and insights across Environmental, Social, and Governance areas. Join us! Sign up for our upcoming events, which you can find here and in this newsletter!
Don’t just stop there, we want your organisation to be a part of our ESG Horizon’s Campaign too!
Submit your organisation’s ESG updates with us - from your awards to best practices and service offerings, we want them all.
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Malaysia Launched the New National Sustainability Reporting Framework (NSRF) |
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The NSRF marks a pivotal shift for sustainability reporting in Malaysia. Large non-listed companies (NLCos) with annual revenues exceeding RM2 billion are now required to submit sustainability reports, aligning with standards already mandated for public-listed companies (PLCs). This initiative places Malaysia alongside over 20 jurisdictions adopting the IFRS Sustainability Disclosure Standards set by the International Sustainability Standards Board (ISSB).
The adoption of ISSB standards offers a unified approach to sustainability reporting, reducing the confusion around differing international guidelines. Chairman of the Securities Commission Malaysia (SC), Datuk Mohammad Faiz Azmi, emphasised that a “whole-of-society approach” is essential, encompassing large non-listed firms along with PLCs to mitigate emissions. |
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Mandatory Scope 3 Emissions Reporting The NSRF includes ISSB’s Scope 3 emissions reporting, which covers supply chain-related emissions, which will require both PLCs and large NLCos to collect emissions data from their suppliers, often SMEs. Due to the complexities involved, the Scope 3 reporting timeline for large PLCs have been extended to 2027, giving time for SMEs to adapt.
Support for SMEs While SMEs aren’t mandated to issue full ISSB-aligned reports, they are encouraged to voluntarily contribute relevant data for supply chain reporting. SMEs can utilise the SC's free Simplified ESG Disclosure Guide for SMEs to assist in data preparation.
PACE Initiative and Resource Support The ACSR’s new PACE initiative aims to alleviate the financial and expertise gaps in sustainability reporting. It includes guidance, emissions calculators, educational materials, and templates tailored for companies familiar with GRI standards transitioning to ISSB standards. Additionally, the SC will train auditors on ISSB standards, initially focusing on 37 audit firms with the potential for expanded training in the coming year.
Incentives for Sustainability Investment Budget 2024 introduced tax deductions of up to RM50,000 annually (for YoA 2024–2027) for ESG-related expenditures, making sustainability reporting a potentially valuable investment for companies.
Regulatory Adjustments Changes to the Companies Act 2016 and Companies Commission processes will be required to ensure NSRF compliance among NLCos. Discussions are already underway.
Ensuring Integrity in Reporting
The launch of the NSRF is a significant advancement in Malaysia's journey toward greater corporate accountability and environmental stewardship. By implementing ISSB standards and broadening the scope of emissions reporting, Malaysia is set to establish a comprehensive framework for sustainability that encourages businesses to integrate ESG principles into their operations.
For a more in-depth look at the NSRF, you can find an overview provided by our member, PwC, in this newsletter. |
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Interested in the green conversation? Come, join our Sustainability Network! BMCC Members, we encourage your organisation’s Senior Representatives to join us quarterly, as we exchange ideas, learn best practices, and advocate for change in our Sustainability Network. |
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| 19 November | ESG Horizons Conference: Towards a Better Tomorrow |
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Discover how digital innovation enables organisations to lead with ESG principles at the flagship event of our 2nd ESG Horizons Campaign!
Be a part of Malaysia’s sustainability transformation! Join industry leaders, government officials, and experts as they discuss strategies and success stories that drive sustainable urban development, energy transition, and economic growth.
Connect with YB Liew Chin Tong, Deputy Minister of MITI, who will be delivering the keynote address and speakers from bp, Sunway, Arup, HANDD Business Solutions, YTL Construction, and REDtone Digital. Be among other influential figures across sectors to foster collaborations that advance Malaysia’s sustainability goals.
Date: 19 November 2024 Time: 9:00 am to 1:30 pm Venue: Conservatory, Level 3, EQ Kuala Lumpur
Target Audience: Senior leaders and business industry professionals; Top management; Sustainability managers; Health, Safety, and Environmental managers; Policymakers, and Government department
Reserve your spot today and help shape a greener, more prosperous future for Malaysia! |
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| 7 November | Sustainability Conference 2024 with Charterhouse Malaysia |
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Charterhouse Malaysia is organising a Sustainability Conference to unite students and educators from BMCC member schools in a collaborative effort to advance sustainability initiatives.
Date: 7 November 2024 Time: 9:00 am - 3:30 pm Venue: Charterhouse Malaysia
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| 12 November | BMCC Breakfast Briefing: NETR and HETR Roadmaps |
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Join this exclusive briefing that features senior representatives from the Ministry of Economy and MOSTI as they offer guidance to businesses on how they can align with the newly introduced National Energy Transition Roadmap (NETR) and Hydrogen Economy and Technology Roadmap (HETR).
Hear directly from government leaders from the Ministry of Economy and Ministry of Science, Technology, and Innovation (MOSTI) and network with industry peers as they share the latest updates to the interest of our members in the private sector.
Date: 12 November 2024 Time: 9:00 am to 11:00 am Venue: BMCC Office @ Menara IQ
Target Audience: Mid to high-level representatives from sectors such as oil and gas, renewable energy, construction, engineering, property developers, consultants, manufacturing, and legal services
Grab your seat at this complimentary event while seats are still available! Kindly note that priority will be given to BMCC Members. |
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| 26 November | Scaling Up the Carbon Neutrality Efforts with BSI |
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Discover in this workshop led by BSI’s Head of Sustainability how your organisation can navigate and maximise its carbon neutrality efforts.
Date: 26 November 2024 Time: 9:00 am to 1:00 pm Venue: BSI Services Malaysia Sdn Bhd
Target Audience: Senior leaders and business industry professionals; sustainability managers; Health, safety, and environmental (HSE) managers; policymakers, and government officials |
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| Recap of Mental Health Advocacy for the Workplace and Learning Environment |
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Together with the leadership of our Higher Education Committee and support from British Council Malaysia, we successfully organised the Mental Health Advocacy for the Workplace and Learning Environment event. The talks and panel discussion highlighted the growing importance of mental health support for students and staff in educational settings. |
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Ruth Valentine, Pro Vice-Chancellor for Education at Newcastle University, acknowledged the rising number of students with mental health conditions and emphasised the evolving needs of today's student population.
While universities offer a range of health and wellbeing services, Valentine stressed the importance of understanding the unique struggles students face and shared Newcastle University’s efforts at tailoring support accordingly. |
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Steve Morris, Group Commercial Director for UK & International at Learning Curve Group, noted the increasing popularity of mental health qualifications, such as Mental Health First Aid courses, indicating a growing awareness of mental health in the wake of the Covid-19 pandemic. |
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The panel discussion featuring Dr. Sabir Giga (Senior Lecturer in Organisational Health and Well-being, Lancaster University), Guy Perring (Regional Director – Asia, Etio Global), and Maryam Meddin (Founder & CEO, The Soke UK), moderated by Professor Vishna Devi Nadarajah, CEO and Provost of Newcastle University Medicine Malaysia, offered valuable insights and opinions to the mental health scene. The discussion emphasised that mental health guidance should be accessible to all university staff, while also advocating for a shared responsibility amongst all university stakeholders in supporting student wellbeing – including student peers themselves.
The panel also highlighted the importance of addressing mental health proactively, without waiting for legislation to mandate action. There is also a need for intergenerational understanding and adaptation, and expressed concerns about potential over-reliance on AI and technology in mental health support in the future. Advice from our Panellists to Advance Mental Health Advocacy - Practice openness to the issue.
- Make it compulsory for leaders to attend group therapy sessions.
- Make mental health a priority.
We thank everyone who supported and attended the event, which underscored our shared responsibility to promote mental well-being within educational settings and beyond. By encouraging open dialogue, collaboration, and proactive support, we can build a more inclusive and supportive environment for all. |
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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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| Celebrating Arup's 60th Anniversary |
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We had a great time at our member, Arup’s 60th anniversary celebration last week.
Their long years of service are a testament to their experience in delivering quality projects across various sectors. In their rich history, they have delivered projects with innovative solutions and an unshakeable commitment to sustainability that has not only bettered the economy, but bettered lives.
Click here to watch a video that explores Arup's transformative projects which have brought enduring positive change to communities across Malaysia.
The event was also attended by YB Liew Chin Tong, Deputy Minister of MITI and from British High Commission KL: Tom Shepherd, Acting Deputy British High Commissioner to Malaysia; Richard Colley, Director of Trade and Investment Malaysia; and Francine Torbett, Deputy Director of Trade and Investment Malaysia.
Our heartfelt congratulations to Arup’s Ching Luan Lau, Country Leader for Malaysia; Murali Ram, Malaysia Lead for Cities & Advisory; Richard de Cani, Chief Officer for Global Business and Markets, and Fion Liew, Associate for Business Development, on this incredible milestone. |
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| Invest 2035: The UK's Modern Industrial Strategy |
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The new modern industrial strategy – Invest 2035 – is the UK government’s credible, 10-year plan to deliver the certainty and stability businesses need to invest in the high growth sectors that will drive the UK's growth mission. |
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The strategy will focus on tackling barriers to growth in our highest potential growth-driving sectors and places, creating the right conditions for increased investment, high-quality jobs and ensuring tangible impact in communities across the UK.
Its goal is to capture a greater share of internationally mobile investment in strategic sectors and spur domestic businesses to boost their investment and scale up their growth – an essential step in achieving sustainable, inclusive and resilient growth.
This green paper sets out the government’s approach and asks for your views and evidence to help develop a successful, modern industrial strategy to be launched in spring 2025.
You can view the green paper here. |
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| IPCC Symposium in Kuala Lumpur: Bridging Climate Science and Policy to Accelerate Action |
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On behalf of the British High Commission of Kuala Lumpur, we're delighted to share the news of an Intergovernmental Panel on Climate Change (IPCC). |
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This one-day symposium, organised by the UK in Malaysia, in support of Malaysia's Ministry of Natural Resources and Environmental Sustainability, and Universiti Kebangsaan Malaysia, will feature discussions on empowering the next generation of Climate Leaders, bridging science and policy, and key sectors for climate action.
Date: 14 December 2024 (Saturday) Venue: DoubleTree by Hilton Kuala Lumpur Time: 8:30 am to 5:00 pm |
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| Malaysia Gears Up for ASEAN Leadership with Focus on Inclusivity and Sustainability |
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Malaysia is committed to building strategic trust among nations through ongoing dialogues, diplomacy, and goodwill during its ASEAN chairmanship in 2025, said Foreign Minister Datuk Seri Mohamad Hasan. |
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At the unveiling of the Hibiscus (Bunga Raya) inspired logo and theme "Inclusivity and Sustainability" for the Asean-Malaysia Chairmanship 2025 at Wisma Putra on Tuesday (Oct 22), he said that by working alongside member states, Malaysia seeks to extend its economic partnerships to countries beyond its borders.
Read the full article here. |
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| Malaysia Targets Sustainable Data Centres To Achieve Net-Zero By 2050 |
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The Malaysian government is advancing efforts to align data centres with sustainability standards, particularly regarding the usage of energy and water, as part of its goal to achieve net-zero carbon emissions by 2050.
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The Investment, Trade and Industry Ministry (MITI) said the government has taken a number of integrated initiatives to ensure that water and energy usage at data centres complies with sustainability standards including the development of Sustainable Development Guidelines for Data Centres, the use of renewable energy and the Corporate Renewable Energy Supply Scheme Programme.
Read the full article here. |
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| MGTC | Join Training Sessions on Green Practices for the Industry |
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The Malaysian Green Technology and Climate Change Corporation (MGTC) is hosting a series of training sessions on Green Practices for the Industry |
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These are aimed at enhancing the competitiveness of local manufacturers, producers, suppliers, distributors, and service providers to meet the demands of both local and international markets in alignment with the National Green Technology Policy.
BMCC Members are invited to the following training sessions. Brochures for each sector in the links provided:
Venue: Malaysian Green Technology and Climate Change Corporation (MGTC) Office Tentative Programme: Here
For more information, please contact Mr. Faiz at 019-311 7295 or muhammad.faiz@mgtc.gov.my. |
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| British Council Malaysia | Youth Connect Live: Building an Inclusive Climate Future |
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As our planet faces unprecedented environmental challenges, it is essential that all voices are included and heard in the conversation.
At the Youth Connect Live event on Thursday, 31 October, 2:00 pm to 3:30 pm (UK Time), hear from a range of speakers discussing how we can foster inclusive practices in the transition to greener economies and how we can ensure young people benefit from the green transition.
Be part of an important conversation about the skills young people need for a transition to a greener world. At this event, you'll hear about our upcoming research campaign piece, focused on how young people can access green opportunities.
This is your chance to contribute to a campaign that will be showcased at COP29 and COP30 which will seek to answer the question "What skills do young people need to be part of a just transition?"
Together, we can ensure that young people from around the world are at the heart of climate solutions.
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| StanChart Saadiq Malaysia and Sunway Sign Green Financing Deal |
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Standard Chartered Saadiq Malaysia has inked its first sustainability-linked commodity murabahah structured financing with Sunway Treasury Sukuk Sdn Bhd worth US$110mil. |
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In a joint statement, Standard Chartered Saadiq Malaysia Chief Executive Officer Bilal Parvaiz said the move is part of the bank’s commitment to support clients in accessing innovative sustainable finance solutions to meet the breadth of their environmental, social and governance (ESG) ambitions.
“The unique features of this facility are the use of structured rates and sustainability-linked features that correspond to environmental and social key performance indicators (KPIs)."
Read the full article here. |
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| Sunway REIT wants to Expand Portfolio of Green Buildings |
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Congratulations to Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust on clinching gold in the REIT sector at The Edge Malaysia ESG Awards 2024. |
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This recognition highlights the company’s strong commitment to ESG principles, which have been a cornerstone of its strategy. Its CEO Clement Chen attributes this success to the launch of its Green Lease Partnership Programme, the first initiative in the industry to promote sustainability among tenants.
Through the Green Lease Partnership Programme, Sunway REIT collaborated with various stakeholders to provide training, capital and systems to enable tenants to fulfil their sustainability obligations.
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| EY Shares Environment Report |
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The new EY Environment Report shares their progress and commitments and provides integrated climate and nature disclosures.
The EY Environment Report provides an integrated source of business-relevant environmental information for their stakeholders, including their people, clients, suppliers, regulators, and sustainability standard-setting organisations globally. |
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As the world confronts the realities of achieving a net-zero, nature-positive and just economy, EY views this Environment Report as a platform for: - Outlining their commitments and demonstrating their progress to date and lessons learned
- Supporting greater integration and collaboration with clients and suppliers
- Providing greater transparency in support of our engagement with clients, regulators and wider stakeholders
- Sharing insights and innovation with clients, suppliers and wider stakeholders
Read the full report here. |
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| Malaysia Aviation Group Joins CEO Action Network for Sustainable Business Practices |
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Malaysia Aviation Group Bhd (MAG), the parent company of Malaysia Airlines Bhd, announced its participation as a member of the CEO Action Network, a coalition of over 70 leaders focused on sustainability advocacy, capacity building, action and performance. |
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Through dedicated working groups, workstreams and active members driving bespoke initiatives, the CEO Action Network aspires to catalyse its members towards shaping future-ready and environmental, social, and governance (ESG)-integrated business models and ecosystems.
Read the full article here. |
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| PwC Provides Overview of NSRF |
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The launch of the National Sustainability Reporting Framework (NSRF) elevates the connectivity between sustainability performance and financial reporting. It sharpens the focus on sustainability impact and inputs, encouraging management to prioritise sustained value creation. |
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As markets across the globe are moving towards a globally aligned sustainability reporting standard, the National Sustainability Reporting Framework (NSRF), issued on 24 September 2024, guides Malaysia in aligning our sustainability reporting with IFRS® Sustainability Disclosure Standards as issued by the International Sustainability Standards Board (ISSB).
Malaysia now joins more than 20 jurisdictions, collectively representing 55% of global GDP, which have decided or are taking steps to use the standards.
This publication by PwC aims to provide an overview of the NSRF requirements and provide insights for organisations to prepare their sustainability reports in accordance with IFRS Sustainability Disclosure Standards.
Download PwC's spotlight on sustainability here. |
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| Sime Darby Property | The Star ESG Summit 2024 Shaping ASEAN's Sustainable Future |
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The Star ESG Summit 2024 is a premier gathering of industry professionals, investors, and experts, dedicated to the discussion of effective strategies for integrating Environmental, Social, and Governance (ESG) principles into business practices.
With a primary focus on achieving the ambitious goal of net zero emissions by 2050, this summit offers a unique opportunity for attendees to gain insights into the latest advances and cutting-edge technologies in sustainable business practices. Moreover, it illuminates the compelling financial incentives behind ESG adoption, including cost savings and heightened investor interest. |
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The summit will further feature enlightening discussions and informative sessions, addressing pivotal topics such as carbon emissions reduction, the transition to renewable energy sources, and the implementation of eco-friendly operational methods.
Event Date: 6 - 7 November 2024 Time: 9:00 am to 6:00 pm Venue: Kuala Lumpur Convention Centre
For more information, click here. |
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| Tex Cycle gets EIA Clearance for RM100mil Waste Management Facility in Sabah |
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Our member, Tex Cycle Technology (M) Bhd's subsidiary Tex Evolusi Waste Management Sdn Bhd has secured the environmental impact assessment (EIA) approval for an integrated waste management facility in Sabah. |
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The proposed off-site scheduled waste storage and recovery facility is located at Sipitang Oil and Gas Industrial Park (SOGIP).
Tex Cycle said the approval is a crucial step for the commencement of operations for the off-site scheduled waste storage and recovery facility at SOGIP.
Read the full article here. |
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| Congratulations to Weir Minerals Malaysia on Being Awarded the Gold Premier Award from MOSHPA |
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Weir Minerals Malaysia continues to showcase their commitment to employee health and safety, having received the Gold Premier Award from the Malaysia Occupational Safety & Health Practitioner’s Association (MOSHPA) in recognition of its excellence towards Safety and Health.
We congratulate Weir Minerals Malaysia on this outstanding achievement! |
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| Milestone Productions | Earth Symphony - Green Cirque Fest 2024 |
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Experience the First-Ever Green Cirque Fest in Southeast Asia Championing Sustainable Development Goals
Date: 23 & 24 November 2024 Time: Saturday | 4:30 pm Sunday | 5:30 pm Venue: Sunway Amphitheater |
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On this International Day of Climate Action, we’re reminded of the importance of protecting our planet, and what better way to honour this day than by supporting the Earth Symphony – Green Cirque Fest 2024?
Be inspired by breathtaking performances and witness world-renowned performers like UniCircle Flow from Japan, the UK’s contortionist Senayt Asefa, and Cirque du Soleil alumni. Through acrobatics, aerial stunts, and more, we’ll highlight the urgency of climate change while celebrating nature’s beauty.
UOB Cardmembers Exclusive Offer: 20% off when purchasing 2 tickets, and 25% off when purchasing 4 tickets, using their UOB card *terms and conditions apply
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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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