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[Dec 20, 2023] Drones help solve forest carbon capture riddle

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[Dec 20, 2023] Drones help solve forest carbon capture riddle

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1. Drones are crucial for scientists to comprehend forests and their role in combating climate change.

2. Drones in Chiang Mai, Thailand, transmit photos to create 3D models, revealing woodland health and carbon absorption. Estimating carbon stores is crucial for emissions reduction, combining satellite imagery and ground surveys.

3. The woodland surveyed is part of a decades-long project to reforest 100ha by planting critical species, developing best practices, encouraging animal return, and collaborating with local communities.

4. Researchers will use drone-mounted LiDAR to survey five forest types and analyze soil microbes and fungi, overcoming the limitations of drones in observing below the canopy.

5. European Space Agency's Biomass satellite is set to monitor forest carbon stocks next year, prompting rapid developments to estimate Thailand's carbon storage capacity per hectare.

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On a hillside overlooking cabbage fields outside the northern Thai city of Chiang Mai, a drone's rotors begin to whir, lifting it over a patch of forest.

It moves back and forth atop the rich canopy, transmitting photos to be knitted into a 3D model that reveals the woodland's health and helps estimate how much carbon it can absorb.

Drones are part of an increasingly sophisticated arsenal used by scientists to understand forests and their role in the battle against climate change.

The basic premise is simple: woodlands suck in and store carbon dioxide, the greenhouse gas that is the largest contributor to climate change.

But how much they absorb is a complicated question.

A forest's size is a key part of the answer - and deforestation has caused tree cover to fall 12% globally since 2000, according to Global Forest Watch.

But composition is also important: different species sequester carbon differently, and trees' age and size matter, too.

Knowing how much carbon forests store is crucial to understanding how quickly the world needs to cut emissions, and most current estimates mix high-level imagery from satellites with small, labour-intensive ground surveys.

"Normally, we would go into this forest, we would put in the pole, we would have our piece of string, five metres long.

"We would walk around in a circle, we would measure all the trees in a circle," explained Stephen Elliott, research director at Chiang Mai University's Forest Restoration Research Unit (Forru).

But "if you've got 20 students stomping around with tape measures and poles, you're going to trash the understory," he said, referring to the layer of vegetation between the forest floor and the canopy.

That is where the drone comes in, he said, gesturing to the Phantom model hovering overhead.

"With this, you don't set foot in the forest."

Every tree analysed
Three measurements are needed to estimate a tree's absorptive capacity: height, girth and wood density, which differs by species.

As an assistant looks through binoculars for birds that might collide with the drone, the machine flies a path plotted into a computer programme.

"We collect data or capture (images) every three seconds," explained Worayut Takaew, a Forru field research officer and drone operator.

"The overlapping images are then rendered into a 3D model that can be viewed from different angles."

The patch of woodland being surveyed is part of a decades-long project led by Elliott and his team that has reforested around 100ha by planting a handful of key species.

Their goal was not large-scale reforestation, but developing best practices: planting native species, encouraging the return of animals that bring in seeds from other species and working with local communities.

The drone's 3D model is a potent visual representation of their success, particularly compared to straggly untouched control plots nearby.

But it is also being developed as a way to avoid labour-intensive ground surveys.

"Once you've got the model, you can measure the height of every tree in the model. Not samples, every tree," said Elliott.

A forest's carbon potential goes beyond its trees, though, with leaf litter and soil also serving as stores.

So these too are collected for analysis, which Elliott says shows their reforested plots store carbon at levels close to undamaged woodland nearby.
More and more precise
But for all its bird's-eye insights, the drone has one major limitation: it cannot see below the canopy.

For that, researchers need technology like LiDAR - high-resolution, remote-sensing equipment that effectively scans the whole forest.

"You can go inside the forest and really reconstruct the shape and the size of each tree," explained Emmanuel Paradis, a researcher at France's National Research Institute for Sustainable Development.

He is leading a multi-year project to build the most accurate analysis yet of how much carbon Thailand's forests can store.

It will survey five different types of forests, including some of Forru's plots, using drone-mounted LiDAR and advanced analysis of the microbes and fungi in soil that sustain trees.

"The aim is to estimate at the country level how much carbon can be stored by one hectare anywhere in Thailand," he said.

The stakes are high at a time of fierce debate about whether existing estimates of the world's forest carbon capacity are right.

"Many people, and I'm a bit of this opinion, think that these estimates are not accurate enough," Paradis said.

"Estimations which are too optimistic can give too much hope and too much optimism on the possibilities of forests to store carbon," he warned.

The urgency of the question is driving fast developments, including the launch of the European Space Agency's Biomass satellite next year, which is designed to monitor forest carbon stocks.

"The technology is evolving, the satellites are more and more precise and the statistical technologies are more and more precise," said Paradis. - AFP

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Drones help solve forest carbon capture riddle

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On a hillside overlooking cabbage fields outside the northern Thai city of Chiang Mai, a drone's rotors begin to whir, lifting it over a patch of forest.

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[Dec 20, 2023] Pioneering sustainability excellence

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[Dec 20, 2023] Pioneering sustainability excellence

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1. Pos Malaysia hosted Beyond the Boardroom: ESG Strategies for Tomorrow's Leaders, a collaboration with Accenture and UN Global Compact Network Malaysia and Brunei, attracting various Malaysian corporations and organisations.

2. With Accenture's support, Pos Malaysia aims to achieve net-zero carbon emissions by 2050, focusing on workforce skills, waste reduction, and aligning with UNSDGs.

3. Pos Malaysia has launched its Sustainability Roadmap, which includes six initiatives focusing on alternative delivery methods, fleet optimisation, green buildings, waste management, sustainable packaging, and digital learning.

4. Pos Malaysia plans to increase its EV fleet to 1,300 by 2030, with 200 two-wheel EVs and 143 four-wheel EVs on the road by 2023. It aims for a 100% electric fleet by 2030.

5. Pos Malaysia is expanding its solar-powered buildings from three to 17 next year. The company is enhancing driver safety and reducing emissions through telematics while implementing waste reduction measures like recycling and adopting packaging made from 80% recycled materials.

6. Pos Malaysia is seeking partners to achieve a sustainable future. Contact them at https://bit.ly/3Ttp84L to explore collaboration opportunities.

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MALAYSIA'S national post and parcel service provider, Pos Malaysia, recently organised Beyond the Boardroom: ESG Strategies for Tomorrow's Leaders - to share insights and their progress on their sustainability journey.

The event, hosted in collaboration with Accenture - a leading global professional services company and the UN Global Compact Network Malaysia and Brunei (UNGCMYB), drew various corporations and organisations in Malaysia.

Since early 2022, Pos Malaysia has been implementing its environmental, social and governance (ESG) roadmap.

Pos Malaysia's group chief executive officer Charles Brewer, emphasised Pos Malaysia's integral role in the nation's growth and how it is evolving through sustainable practices.

Countries like Malaysia, noted Brewer, is in its early stages of its sustainability journey and needs good role models.

"If other companies look at Pos Malaysia with all its challenges - from its transformation and size of business to its fiscal challenges and say if they can, we can, then it's a really positive thing," he added.

With the assistance of Accenture, said Brewer, Pos Malaysia developed plans and strategies to set targets for reducing its environmental footprint and achieving net-zero carbon emissions for its operations by 2050.

Accenture's South-East Asia (SEA) Energy Transition lead, Justin Goh, explained that the initiative focused on net zero, workforce skills and waste, aligning with the United Nations Sustainable Development Goals (UNSDGs).

In March 2023, Pos Malaysia officially rolled out its Sustainability Roadmap, encompassing six initiatives focused on alternative delivery methods, fleet optimisation, green buildings, waste management, sustainable packaging and digital learning.

Zooming in on its extensive fleets that deliver to more than 11 million addresses across the country, Brewer noted that by the end of 2023, Pos Malaysia will have 200 two-wheel EVs on the road and 143 four-wheel EVs.

"Next year we will increase our two-wheel EV to 1,300 and four-wheel to 300," he said, adding that Pos Malaysia is aiming for a 100% electric fleet by 2030.

At the event, Brewer also highlighted Pos Malaysia's advancements, including expanding solar-powered buildings from three to 17 next year.

Additionally, the company is enhancing driver safety and reducing emissions through telematics, while also implementing waste reduction measures such as recycling throughout the organisation and adopting packaging made from 80% recycled materials.

UNGCMYB's programme director Shanta Helena Dwarkasing, who addressed the topic of sustainability leadership, also commended Pos Malaysia for their efforts.

"It's great that Pos Malaysia has set a net zero target to achieve by 2050 because it shows how your business will be competitive in a low carbon economy," she said.

The insightful event also included a panel discussion moderated by Goh, which saw Brewer, Dwarkasing and independent director of Batu Kawan Berhad, Dr Tunku Alina Alias, exchanging perspectives on pressing challenges, discoveries and transformative sustainability stories.

Pos Malaysia welcomes like-minded corporations interested in partnering with them to deliver a sustainable future to get in touch at https://bit.ly/3Ttp84L to explore collaboration opportunities.

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Pos Malaysia shares their sustainability journey to inspire others to follow suit.

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[Dec 20, 2023] Nik Nazmi: Congestion charges being mulled to make KL sustainable

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[Dec 20, 2023] Nik Nazmi: Congestion charges being mulled to make KL sustainable

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1. Transportation had the most significant impact on carbon emissions in the country.

2. The previous government mooted the idea of congestion charges. Hence, the Cabinet Committee to Address Traffic Congestion was formed earlier this year. It aims to find immediate and comprehensive solutions to address traffic congestion.

3. Kuala Lumpur City Hall, under the Traffic Master Plan 2040 (PITKL2040), proposes Road Usage Charges (RUC) or congestion fees on vehicles entering the city centre in 2040 to reduce traffic volume in the city centre and encourage public transportation usage.

4. Prasarana unveils its Sustainability Blueprint 2023-2050, aiming for low-carbon mobility, safety, productivity, community enrichment, and ethical business conduct in the nation's transportation system.

5. Malaysian cities prioritise vehicle-centric development, requiring time for public transportation shifts. However, EV adoption by companies like Prasarana can significantly reduce carbon emissions.

6. Prasarana plans to increase its fleet of EV buses from 15 to 100 by 2026 and 481 by 2030, with a final goal of 100% electric by 2037.

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Nik Nazmi: Congestion charges being mulled to make KL sustainable | New Straits Times

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KUALA LUMPUR: The government believes instituting congestion charges would be one of the ways to help the federal capital reach sustainable city status.

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[Dec 15, 2023] These 10 Countries Are Phasing Out Coal the Fastest

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[Dec 15, 2023] These 10 Countries Are Phasing Out Coal the Fastest

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Ten countries with the fastest coal power reductions over eight years (2000-2022):

1. Greece

2. United Kingdom

3. Denmark

4. Spain

5. Portugal (reached zero coal power, hooray!)

6. Israel

7. Romania

8. Germany

9. United States

10. Chile

Countries like Austria and Belgium have eliminated coal power but have yet to make the top 10 as they either used very little coal or phased it out over a more extended period.

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Phasing out coal power is the most important step the world can take to curb climate change.

Removing coal from power generation is also critical to decarbonizing other sectors of the economy. It will help ensure that green technologies that run on electricity, like electric vehicles and heat pumps, are powered by cleaner energy sources.

While the share of coal used in the global power sector has been gradually ticking down in recent years, it needs to start declining much faster. Developed countries should reach zero coal the soonest, as they're in a stronger financial position than developing nations and are already, for the most part, less reliant on coal. But all countries will require an incredibly swift transition.

Phasing out coal at the speed needed will be extremely challenging, but a handful of countries are already proving that a rapid, sustained shift is possible. While each one must chart its own path forward, other coal power-reliant countries can learn from these leaders.

Which Countries Have Reduced Coal Power the Fastest?

The world has eight years to scale down its use of coal power from 36% of electricity generation in 2022 to less than 4% in 2030. To explore how such a quick phase-down might be achieved, we analyzed the 10 countries that have reduced coal power the fastest over any eight-year period since 2000. Greece and the U.K. achieved the fastest coal power reductions - moving at a quicker pace than what's needed globally - followed by Denmark, Spain, Portugal, Israel, Romania, Germany, the United States and Chile.

Of the top 10 countries, only Portugal has reached zero coal power already. Some other countries, such as Austria and Belgium, have also eliminated coal power entirely, but did not make the top 10 as they either used very little coal to begin with or phased it out over a longer time span.

Greece reduced coal power faster than any other country in the world over an eight-year span, from 51% in 2014 to 10% in 2022, replacing it with a combination of gas and renewables. At number two, the United Kingdom reduced coal power from 39% in 2012 to 2% in 2020, replacing it mostly with wind and bioenergy but also some gas. Denmark was third fastest and is notable as the only country on the list where the reduction in coal power was replaced by 100% zero-carbon power sources.

While many of these leading countries are European, there are positive examples from other areas of the world as well. The United States cut its coal power use in half between 2014 and 2022, replacing it with a combination of gas, solar and wind. In Chile, coal plants were booming as recently as a decade ago, but the country has quickly reversed course; it is now supporting early retirement of coal plants and replacing them mainly with solar and wind power.

Similarities and Differences Among the Top 10 Countries

On the whole, the countries with the fastest coal phase-outs are high income, with relatively small populations, less growth in electricity demand than average, and coal plants already nearing the age of retirement. Nine of the 10 countries have announced coal phase-out targets and eight have implemented some form of national carbon pricing. All of these factors can work in favor of a clean energy transition.

However, key differences among the top 10 countries demonstrate that phasing out coal is possible in a variety of circumstances.

While all 10 countries are currently high income by the World Bank's definition, Chile and Romania have only recently reached that level. At the time these countries started their steepest coal reductions, GDP per capita ranged from $9,000 per year in Romania (2012) and $15,000 in Chile (2014) to $55,000 per year in the United States (2014).

Seven out of the top 10 countries have populations below 50 million people and thus have lower electricity demand, making for an easier energy transition - although the United States (with 330 million people) and Germany and the United Kingdom (with 84 million and 66 million people, respectively) have proved that a rapid transition can be feasible even with a bigger energy grid.

Electricity demand in most of these countries was either falling or growing slower than the global average during their fastest transition periods, making it easier to retire coal plants. By contrast, electricity demand in Chile, Israel and Spain was growing at a rate near or slightly above the world average, showing that coal phase-out is possible even in places with rising electricity needs. But Israel's case also illustrates a major challenge in these scenarios: The country's demand grew so much that even though coal fell as a share of all power, total coal power use remained fairly steady.

The nature of each country's coal industry matters, too. Six of the 10 countries relied mainly on coal imports, so shifting to other power sources like renewables or domestically available gas could benefit their energy security without causing major economic impacts. However, the U.S., Germany, Romania and Greece were able to reduce coal power dramatically despite having large coal mining sectors and relying on mostly domestic coal production.

Finally, nearly all of these countries have retired older coal plants which were already close to or above the typical retirement age of 37 years. The decision will be more difficult for nations with younger coal plants, which investors expected to operate and generate revenue for decades to come. The biggest exception is Chile, which has so far retired coal plants that were 29 years old on average and plans to close many that are younger still.

2 Countries Achieving Success in Coal Phase-out

Let's dive deeper into the United Kingdom and Chile, two countries that have been successful in phasing down coal in very different contexts, to learn from their experiences. (We profiled Denmark's energy transition in another recent article.)

The United Kingdom has had two periods of rapid coal phase-down

Coal fueled the industrial revolution in the United Kingdom, but two separate periods of rapid phase-down in recent decades have pushed its coal power use to near zero. Today the country has only one coal power station left which is scheduled to close in September 2024.

After remaining relatively steady in the early 2000s, the U.K.'s coal power use plummeted again in the 2010s. And this time the reduction in coal was replaced not by gas but by renewables.

Around this time, the EU and U.K. enacted a series of policies aimed at phasing out coal. The EU introduced tighter limits on local coal plant pollution in 2008 which would require expensive upgrades for old coal plants. With the average coal plant in the U.K. already nearing retirement age, many chose to close rather than comply.

In 2013, the U.K. introduced a carbon price floor which went above and beyond the EU's existing carbon price, then raised it multiple times in subsequent years. This drove up the cost of coal power so that it was more expensive than gas and much more expensive than renewables. By 2015, coal plants were no longer profitable and were being shut down in droves.

The government set a target in 2015 to fully phase out coal by 2025; this has since been moved up to 2024. With tightening regulations, clear policy signals from the government and unfavorable economics - as well as strong public support for climate action - the country's remaining coal plants quickly closed. Meanwhile, falling costs and supportive policies helped trigger a boom in renewable power, especially wind energy, which made up for most of the reduction in coal.

Chile has reversed course on coal, even as electricity demand continues to rise

Chile has benefitted from some of the best solar and wind availability in the world. To leverage this advantage, the government passed a renewable energy quota in 2008 and enacted other supportive laws which made it easier for new companies to enter the renewable energy industry. Falling costs have made solar and wind competitive without any subsidies needed, and Chile's copper mining companies (a mainstay of the economy) are increasingly demanding and funding renewable energy. The country is also planning to become a major exporter of green hydrogen produced with renewable power. Thanks to these developments, it's ranked as the most attractive emerging economy for clean energy investments.

Since then, Chile has accelerated its near-term timetable and companies have often closed plants ahead of schedule. Of the country's 28 coal power plants, 8 have already retired and another 12 are set to retire by 2025. Seven of the coal plants scheduled to shutter will be 15 years old or less when they are decommissioned, setting an example for other countries facing retirement of younger coal fleets.

Looking ahead, Chile must work to retire the final eight coal plants that will remain after 2025 - which experts say needs to happen by 2030 rather than by 2040 as originally planned to stay in line with global climate goals. This will require integrating increasingly high levels of renewable power on the grid as well as upgrading transmission lines, building out energy storage, and developing a smart grid to maximize grid flexibility and reliability.

Coal-reliant Countries Can Learn from These Examples

Other countries reliant on coal power can learn from the success of these leaders and adapt the lessons for their national circumstances.

The United Kingdom's example is especially relevant for some developed countries. For example, Poland and Russia's coal plants are nearing retirement age like the U.K.'s were. Japan and South Korea's coal plants are generally younger, but they have even less domestic coal mining that the U.K. did - relying essentially 100% on imports - which will lessen the domestic economic impacts of the transition.

Meanwhile, Chile's example is most relevant for developing countries with relatively young coal plants and growing electricity demand. Turkey, Malysia and Vietnam, for example, are in a similar position today to where Chile was in 2014, with rising demand and coal at around 40% of their electricity mix.

However, countries that rely more heavily on coal will face much steeper challenges - like China (61% coal power share), Indonesia (62%), India (74%), and South Africa (85%). To meet global climate targets, these countries will need to decrease their coal power use far faster than has ever been achieved before.

Some, Like China and India, Will Face Steeper Challenges

China and India together are responsible for two-thirds of the world's coal power generation today, so much of the success of global coal phase-out hinges on them.

These countries' sheer amount of coal capacity - around 1,100 GW for China and 240 GW for India - will make the transition difficult. Electricity demand in both countries also increased by roughly 50% from 2014-2022, more than twice as fast as the world average. While the share of coal power has been falling slightly in China and remained fairly flat in India, both countries continue to approve and build new coal plants to meet growing demand, so coal power use is still rising overall. Renewable power has been growing exponentially in both countries, breaking records, but it will need to accelerate ever faster to meet demand growth.

China and India also have far larger domestic coal mining industries than any of the top 10 countries. China is currently home to 3.4 million coal miners and 740,000 coal power plant workers (more people than the entire population of Croatia), while India has 1.4 million coal miners and 600,000 coal power plant workers. This will increase both the cost and the difficulty of ensuring a just transition for all coal-dependent communities.

Ending Coal Power Globally Will Require More International Support

For this to be possible, developed countries must seriously step up international finance and support for developing countries' transitions.

The G7 group of countries (Canada, France, Germany, Italy, Japan, the U.K. and the U.S.) have already launched Just Energy Transition Partnerships (JETPs) with countries like South Africa, Indonesia and Vietnam to support their coal phase-out efforts. So far $47 billion has been pledged, but that is not nearly enough. The G7 and other developed countries should expand these partnerships and increase finance, preferably in the form of grants instead of loans. They should also supply technical assistance to help countries develop policies that are conducive to clean energy investment; develop public-private partnerships to leverage private capital; and explore innovative financial mechanisms to de-risk private investments. Multilateral Development Banks like the World Bank should also stand true to their commitments to stop funding coal and shift fully to funding renewables.

Governments, development banks, and companies must also plan ahead to support the workers and communities that will be most affected by the energy transition. This could include shifting coal workers to other careers in energy or industry, offering unemployment or relocation compensation, and providing financial support to regions that have lost coal revenue. Just transition policies cannot be implemented overnight and are not one-size-fits-all, so planning needs to begin now.

Keeping the End of Coal Power in Sight

The world will need urgent efforts and close cooperation to achieve this shift, but the end of coal is nearer than it's ever been. It has to be.
Unless otherwise noted, national electricity data used in this article is from Ember's yearly electricity data as of November 9, 2023. This article is the third in a series of deep-dive analyses from Systems Change Lab examining countries that are leaders in transformational change. The first two articles analyzed countries rapidly scaling up renewable power and electric vehicles. Systems Change Lab is a collaborative initiative - which includes an open-sourced data platform - designed to spur action at the pace and scale needed to limit global warming to 1.5 degrees Celsius, halt biodiversity loss and build a just and equitable economy.

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These 10 Countries Are Phasing Out Coal the Fastest

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Ten countries are leading the way in rapidly retiring coal, including Greece, the U.K., Denmark, Spain, Portugal, Israel, Romania, Germany, the U.S. and Chile.

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[Dec 15, 2023] World Economic Forum has released the second edition of their Net-Zero Industry Tracker

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[Dec 15, 2023] World Economic Forum has released the second edition of their Net-Zero Industry Tracker

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1. The report provides a detailed analysis of the progress heavy industrial and transport sectors are making worldwide to achieve net-zero emissions by 2050.

2. The report highlights that sectors like steel, cement, aluminium, ammonia, energy (oil and gas), and transport (aviation, shipping, and trucking) contribute over 40% of global greenhouse gas emissions, surpassing individual countries.

3. The analysis shows that emission-intensive sectors are not aligned with the trajectory to reach net zero by 2050 – as determined by the International Energy Agency (IEA) and industry-specific scenarios and targets.

4. The SBTi currently has 1.5C-aligned sector-specific guidance for many of the industries assessed in the report, including steel and cement, with guidelines for aviation, aluminium, oil and gas, and transport in development. They are tailored to the unique nature of the industry to enable them to develop ambitious and achievable science-based targets.

5. The SBTi urges all companies to take ambitious climate action and set science-based carbon reduction targets today. Click here to learn more about the SBTi’s sector-specific guidance: Sector Guidance - Science Based Targets.

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The second edition of the Net-Zero Industry Tracker report provides a detailed analysis of the progress heavy industrial and transport sectors are making worldwide, in their efforts to achieve net-zero emissions by 2050.

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[Dec 15, 2023] IFRS Foundation publishes new educational material to help companies when applying IFRS S2 from 2024

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[Dec 15, 2023] IFRS Foundation publishes new educational material to help companies when applying IFRS S2 from 2024

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1. The educational material describes how companies can approach the nature and social aspects of their climate-related risks and opportunities.

2. The publication comes as the COP28 Joint Statement on Climate, Nature, and People indicates the relations between nature and climate, noting that nature's persisted loss and degradation raise climate vulnerability. It also mentions the need for the 'scaling of finance and investments for climate and nature from all sources.'

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Ahead of the ISSB Standards-IFRS S1 and IFRS S2-coming into effect in January 2024, the International Sustainability Standards Board (ISSB) is providing new and updated resources to help companies apply the Standards.

This includes enhancements to the SASB Standards, and the publication of educational material to help companies apply the climate standard, IFRS S2. This work is part of ongoing work to support the implementation of the Standards. The ISSB is also focused on advancing work to develop the IFRS Sustainability Disclosure Taxonomy to enable the digital consumption of information when the ISSB Standards are applied.

Enhanced SASB Standards

At its December board meeting taking place in Frankfurt today, following public consultation and deliberations on feedback from the marketplace, the ISSB agreed on updates to the SASB Standards.

These targeted updates enhance the international applicability of the SASB Standards, which are an important source of guidance for companies applying IFRS S1.

The updates remove and replace jurisdiction-specific references and definitions without significantly altering industries, topics or metrics. The ISSB agreed to these updates following a consultation earlier this year on the methodology that has been used.

IFRS S1 requires companies to disclose material information on all sustainability-related risks and opportunities that could reasonably be expected to affect their prospects. IFRS S2 sets out the requirements for climate-related disclosures. For risks and opportunities beyond climate, IFRS S1 directs companies to sources of guidance and requires companies to refer to and consider the industry-based SASB Standards.

The updated SASB Standards will be available next week.

New educational material for IFRS S2

As part of efforts to support application of IFRS S1 and IFRS S2, the IFRS Foundation has today published new educational material to help companies consider 'nature and social aspects' of climate-related risks and opportunities when applying IFRS S2.

The material sets out three examples that help illustrate how companies might approach these aspects of their climate-related disclosures. The material has been developed to help companies apply the ISSB Standards; it does not affect any of the requirements within the Standards.

The publication follows the launch of the IFRS Sustainability knowledge hub at COP28, a core component of the IFRS Foundation's focus on capacity building initiatives.

Digital taxonomy

The ISSB published a proposed digital taxonomy for public consultation, which ended on 26 September 2023. During this week's board meeting the ISSB discussed the planned next steps for the taxonomy, which is intended to be published in the first half of 2024.

Looking ahead

The ISSB continues to discuss feedback on its consultation on future priorities with a view to finalising its two-year workplan in the first half of 2024. Included in these discussions is consideration of how the SASB Standards can be enhanced and built upon.

The ISSB also remains focused on supporting and driving adoption of the ISSB Standards throughout 2024. As part of this work, the ISSB continues to prioritise discussions about interoperability, including with jurisdictional and voluntary initiatives focused on stakeholders beyond investors, and will continue to coordinate its work with its sister board the International Accounting Standards Board (IASB).

The first joint technical meeting of the ISSB and IASB will take place in January 2024 when the boards will discuss the feedback received in response to the ISSB's agenda consultation about a potential project for further integration in reporting.

The IFRS Sustainability Symposium will also take place in New York City on 22 February 2024 which provides an opportunity for stakeholders to learn more about the ISSB Standards and the ISSB's work.

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ifrs s1 general requirements for disclosure of sustainability-related financial information

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international applicability of the sasb standards

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New and updated resources to help companies apply IFRS S1 and IFRS S2 from 2024

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Ahead of the ISSB Standards-IFRS S1 and IFRS S2-coming into effect in January 2024, the International Sustainability Standards Board (ISSB) is providing new and updated resources to help companies apply the Standards. This includes enhancements to the SASB Standards, and the publication of educational material to help companies apply the climate standard, IFRS S2.

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[Dec 15, 2023] The Corporate Sustainability Practitioner Competency Framework by Bursa Sustain, Bursa Malaysia

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[Dec 15, 2023] The Corporate Sustainability Practitioner Competency Framework by Bursa Sustain, Bursa Malaysia

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1. The Corporate Sustainability Practitioner Competency Framework is a collaboration between Bursa Malaysia and the UN Global Compact Network Malaysia and Brunei (UNGCNMYB).

2. It is an aspirational reference to guide practitioners on the skills and competencies required to navigate the corporate sustainability ecosystem and drive sustainable outcomes.

3. The competency framework defines the competencies across three levels of positions in the organisation as follows:

1. Executive Position: Sustainability Executive

2. Middle Management: Sustainability Manager

3. Senior Management: Chief Sustainability Officer

4. The job purposes, number of competencies and their subs, and competencies for each position are tabulated on https://bursasustain.bursamalaysia.com/competency-framework.

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[Dec 15, 2023] Code of Conduct for ESG Ratings and Data Products Providers

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[Dec 15, 2023] Code of Conduct for ESG Ratings and Data Products Providers

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1. The International Capital Market Association (ICMA) has published a new, globally consistent, voluntary Code of Conduct for ESG ratings and data products providers.

2. In line with the International Organization of Securities Commissions (IOSCO) recommendations, it promotes transparency, good governance, managing conflicts of interest, and strengthening systems and controls in the sector.

3. It is intended to be internationally interoperable and could be used by jurisdictions with no local Code or regulation.

Details of the Code can be found here: https://www.icmagroup.org/sustainable-finance/code-of-conduct-for-esg-ratings-and-data-products-providers/

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[Dec 12, 2023] Bank Negara Malaysia's Fund for SMEs (Infographic by Syamiera)

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[Dec 12, 2023] Bank Negara Malaysia's Fund for SMEs (Infographic by Syamiera)

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BNM’s Low Carbon Transition Facility (LCTF) is established to support SMEs in adopting sustainable and low carbon practices.

1. Financing size per SME: Maximum RM10 million.

2. Financing rate to SMEs: Maximum 5% p.a. inclusive of guarantee fee (if any).

3. Tenure: Up to 10 years.

Assistance for MSMEs under Belanjawan 2024:

1. RM600 million allocated for MSMEs under BNM’s Fund for SMEs.

2. Additional RM25 million in matching grants allocated through iTEKAD to assist microentrepreneurs.

BNM's Fund for SMEs - Bank Negara Malaysia

Social Finance - Bank Negara Malaysia (bnm.gov.my)

Financing for Small and Medium Enterprises (SMEs) - Bank Negara Malaysia (bnm.gov.my)

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[Dec 14, 2023] Maybank launches first-of-its-kind Transition Finance Framework in ASEAN at COP28 Dubai (Published on Dec 3, 2023)

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[Dec 14, 2023] Maybank launches first-of-its-kind Transition Finance Framework in ASEAN at COP28 Dubai (Published on Dec 3, 2023)

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1. Maybank launched its Transition Finance Framework (TFF) at COP 28 in Dubai to fund the greening of brown, emission-intensive sectors/assets, reduce emissions, and avoid severe climate change outcomes.

2. Objectives of TFF:

1. To provide the funding for selected brown sectors with credible transition pathways and solutions such as hydrogen, bioenergy, and CCUS.

2. To outline Maybank's approach to classifying and recognising financing solutions offered as credible transition finance.

3. To guide the development of credible transition finance solutions within Maybank based on internationally accepted guidelines and principles.

3. TFF's principled-pragmatic approach demonstrates Maybank's commitment to supporting net zero economies and promoting a just transition plan based on its Humanising Financial Services mission.

4. Maybank Group TFF aligns with 12 international principles and standards, complementing the Maybank Group Sustainable Product Framework, launched in August 2022.

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Maybank today launched its Transition Finance Framework, the first by a Malaysian bank at the United Nations Framework of Convention on Climate Change's 28th Conference of Parties ("COP28") in Dubai, in a continued effort to drive transition finance.

The launch was witnessed by Nik Nazmi Nik Ahmad, Natural Resources, Environment and Climate Change (NRECC) Minister of Malaysia and Datuk Shaik Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia.

Transition Finance, which is the funding of greening of brown, emission-intensive sectors or asset, is critical to achieve a significant reduction in emission and consequently avoid the most severe climate change outcomes. It has become apparent that no country, sector or company is able to achieve Net Zero and climate goals with green finance alone.

The primary objective of the Transition Finance Framework is to outline Maybank's approach to the classification and recognition of financing solutions offered as credible transition finance, whilst the secondary objective is to guide the development of credible transition finance solutions within the Group based on internationally accepted guidelines and principles.

Dato' Khairussaleh Ramli, Group President & CEO, Maybank said "The Maybank Group Transition Finance Framework's principled-pragmatic approach allows Maybank to demonstrate the Group's authenticity of supporting if not bolstering net zero economies in this era of global boiling."

"We recognise that the transition finance space is still nascent in the ASEAN region and we are committed to contribute towards building and reinforcing a credible, orderly and just transition plan, which is underpinned by our Humanising Financial Services mission."

Speaking from Dubai, the NRECC Minister said, I am honoured to be here today to witness the launch of the Maybank Transition Finance Framework and would like to congratulate Maybank on this meaningful effort. Initiatives such as this is important and I'm delighted that the framework provides the funding for selected brown sectors with credible transition pathways and or solutions such as hydrogen, bio energy as well as carbon capture, utilization and storage."

Maybank's Chief Sustainability Officer, Shahril Azuar Jimin, said "This document reinforces Maybank's commitment to playing a leading role in the systematic transformation towards a net zero economy. We hope this spurs open conversations and product development in the transition finance space."

Aligned to more than 12 international principles, standards and guidelines, the Maybank Group Transition Finance Framework complements the Maybank Group Sustainable Product Framework, which was a first developed by a Malaysian bank and launched in August 2022.

Earlier in the week, Maybank hosted the inaugural IIF-Maybank Transition Finance Framework in Kuala Lumpur with the primary focus on developing and implementing transition plans as well as views on policy and regulatory aspects to achieve a low-carbon economy. The workshop, which was graced by Datuk Jessica Chew, Deputy Governor of Bank Negara Malaysia, served as a capacity building initiative on transition finance, enabling over 120 corporates who attended the workshop to decarbonise their businesses through a credible and orderly manner, aligning to international practices and principles.

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Maybank launches first-of-its-kind Transition Finance Framework in ASEAN at COP28 Dubai

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Maybank today launched its Transition Finance Framework, the first by a Malaysian bank at the United Nations Framework of Convention on Climate Change's 28th Conference of Parties ("COP28") in Dubai, in a continued effort to drive transition finance.

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[Dec 12, 2023] G20 goal to triple global renewable energy by 2030 gets support

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[Dec 12, 2023] G20 goal to triple global renewable energy by 2030 gets support

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1. China supports the G20 countries' ambition to triple global RE capacity by 2030.

2. The transition from fossil fuels to clean, efficient renewables is a global goal to tackle the climate crisis, but it will be challenging.

3. Countries face diverse national conditions, requiring effective management of energy, food security, and climate actions to ensure a smooth transition and economic security.

4. COP 28 parties are reportedly in disagreement over a potential agreement to phase out fossil fuels, with some countries strongly opposing and others unwaveringly supporting it.

5. During the global transition, mutual understanding and cooperation are crucial for finding the best solutions.

6. For instance, China's significant contributions to RE development have led to a significant decrease in wind power generation costs and photovoltaic solar energy costs globally by 80% and 90%, respectively.

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DUBAI: China supports the initiative by G20 countries to triple global renewable energy capacity by 2030, says Xie Zhenhua, China's special envoy for climate change.

He also said during a news conference last Saturday on the sidelines of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP 28, that the world cannot forge ahead with energy transition without considering countries' differing conditions.

COP 28, which is being held in Dubai, the United Arab Emirates, opened on Nov 30 and is scheduled to conclude tomorrow.

The largest contribution of the landmark 2015 Paris Agreement on climate change is that it mapped out the route toward the world's green, low-carbon transition, for which energy transition is of great importance, Xie said.

To replace fossil energy with clean, highly efficient renewables is a global target that will eventually address the climate crisis, he said.

However, Xie emphasised that the transition will be painful.

During the process, countries are confronted with different national conditions, he said. With different energy structures and available resources, they need to handle the relations between energy and food security and climate actions.

"Only when they are able to properly manage these relations and ensure economic security can they see a smooth transition," he said.

Xie underscored the importance of mutual understanding and cooperation during the global transition.

"I talked with a minister from a petroleum-exporting country. The minister told me that 80% to 90% of the country's fiscal revenue is contributed by oil and natural gas.

"If oil and natural gas are phased out, how can the country survive and develop? The country has its difficulties," Xie said.

He added that countries should mutually understand and support each other and join hands to seek the best solutions.

"This is our most effective way to go forward," he said.

Parties at COP 28 have clashed over a possible agreement to phase out fossil fuels, with some countries resolutely opposing it and others unswervingly supporting it, Xie noted.

"We are still in communication with different parties, hoping to find a solution that is acceptable for all and also could solve problems. We are confident about this," he said.

Xie reiterated China's commitment to further promoting renewable energy.

"China has made significant contributions to energy transition and renewable energy development," he said.

Thanks to the contributions, the cost for wind power generation around the world has decreased by 80%, and the cost of photovoltaic solar energy has declined roughly 90%, Xie said. - China Daily/ANN

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G20 goal to triple global renewable energy by 2030 gets support

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DUBAI: China supports the initiative by G20 countries to triple global renewable energy capacity by 2030, says Xie Zhenhua, China's special envoy for climate change.

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[Dec 12, 2023] RM6 billion battery factory coming up

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[Dec 12, 2023] RM6 billion battery factory coming up

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1. Battery manufacturer INV New Material Technology (M) Sdn Bhd plans to invest RM6.4 billion in its first-ever manufacturing plant in Penang.

2. Shenzhen Senior Technology Material Co Ltd, renowned for its lithium battery separators, will oversee the project at Penang Technology Park@Bertam in Kepala Batas.

3. INV New Material Technology chairman Chen Xiufeng announced the completion of the first lithium separator factory in the ASEAN region, expected in 2026 and 2028.

4. Upon operationalisation, the plant will produce four billion square meters of coated and wet-type separators annually.

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BATTERY manufacturer INV New Material Technology (M) Sdn Bhd will invest RM6.4bil to set up its first-ever manufacturing plant in Penang.

The project at Penang Technology Park@Bertam in Kepala Batas will be overseen by its parent company Shenzhen Senior Technology Material Co Ltd, which is globally renowned for its lithium battery separators.

INV New Material Technology chairman Chen Xiufeng said the new plant would be the first lithium separator factory in the Asean region and that it would be completed in two phases in 2026 and 2028.

"Once operational, the plant will produce four billion square metres of coated and wet-type separators annually," he told Buletin Mutiara during a recent groundbreaking ceremony.

Chen also provided insight into the magnitude of the project.

"Spanning 26.7ha with a total building area of approximately 400,000sq m, it is poised to become the largest production base for low-carbon separators in Asean and a key player in the global supply chain for the industry.

"As a leading enterprise in the separator industry, we will further intensify our efforts in developing the Asean market," he said.

Penang Chief Minister Chow Kon Yeow, who officiated at the ceremony, congratulated INV and Shenzhen Senior Technology Material on the project.

He said Penang was honoured to be chosen as the location for INV's plant as it highlighted the state's well-developed industrial ecosystem.

"The Penang government is focused on attracting companies which are committed to developing cutting-edge technologies and sustainable investing.

"The lithium-ion battery separator industry, with its ties to renewable energy, aligns perfectly with our goal for a greener and more sustainable future," said Chow, who also commended INV for its commitment to environmental responsibility.

He concluded with an assurance of continuous facilitation and support for strategic investments in both state-developed and private industrial parks.

"We remain dedicated to developing future-proof infrastructure and ramping up the talent supply.

"All this will ensure a sustainable investment ecosystem in Penang," the Chief Minister added.

Also at the groundbreaking ceremony were Chinese consul-general in Penang Zhou Youbin, Seberang Prai City Council mayor Datuk Azhar Arshad, InvestPenang chief executive officer Datuk Loo Lee Lian, Penang Malaysian Investment Development Authority director Muhammad Ghaddaffi Sardar Mohamed and deputy chief executive officer Sivasuriyamoothy Sundara Raja.

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BATTERY manufacturer INV New Material Technology (M) Sdn Bhd will invest RM6.4bil to set up its first-ever manufacturing plant in Penang.

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[Nov 20, 2023] Bank Negara Malaysia's Climate Change and Principal-Based Taxonomy (CCPT) (Infographic by Syamiera)

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[Nov 20, 2023] Bank Negara Malaysia's Climate Change and Principal-Based Taxonomy (CCPT) (Infographic by Syamiera)

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1. What: Climate Change and Principal-Based Taxonomy (CCPT) is prepared by the BNM in collaboration with the Risk Management sub-committee of the Joint Committee on Climate Change (JC3). It covers:

1. The climate change impact and opportunities.

2. Assessment of economic activities (5 Guiding Principles).

3. Classification of economic activities (classification system).

4. Use cases (5 cases).

2. Who: CCPT applies to the licensed banks, investment banks, international Islamic banks, Islamic banks, insurers, reinsurers, takaful operators, retakaful operators, and development financial institutions (FIs).

3. When: It is effective on 30/04/2021.

4. Why is CCPT important: In simpler words, it prevents GREENWASHING.

1. It provides an overview of climate change and its impact on businesses, households, and the economy.

2. It assists FIs in assessing and categorising the economic activities according to the activities' climate objectives and promotes the transition to a low-carbon economy.

3. It facilitates standardised classification and reporting of climate-related exposures to support risk assessments at the institution and systemic levels, strengthens accountability and market transparency, and encourages financial flows towards supporting climate objectives.

5. How:

1. CCPT considers broader environmental outcomes through the principle of no significant harm, with specific regard to how business operations affect pollution, biodiversity and resource efficiency.

2. CCPT recognises remediation measures and introduces a progressive system of transition categories to acknowledge concrete efforts and commitments by businesses to adopt sustainable practices.

https://www.bnm.gov.my/documents/20124/938039/Climate+Change+and+Principle-based+Taxonomy.pdf

The BNM Climate Change and Principle-based Taxonomy (deloitte.com)

Click here to watch the video on the CCPT implementation and financial assets classifications, thanks to IBFIM: https://www.youtube.com/watch?v=5hi83gy6UQI

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[Nov 23, 2023] Malaysia's COVID-19 cases show 28 percent spike, Sarawak highest

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[Nov 23, 2023] Malaysia's COVID-19 cases show 28 percent spike, Sarawak highest

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1. Malaysia recorded 2,305 COVID-19 cases from Nov 12 to Nov 18, demonstrating a 28% uptick from the previous week.

2. MOH reported 21 new Omicron variant cases, consisting of 20 Variant of Concern (VOC) cases and one Variant of Interest (VOI) case.

3. 785 cases are circulating VOI (XBB.1.16, XBB.1.5, and EG.5), with 783 local cases and two imported cases.

4. Top 10 states with highest reported cases:

1. Sarawak (143),

2. Selangor (136),

3. Kuala Lumpur (119),

4. Melaka (117),

5. Johor (59),

6. Kedah (52),

7. Penang (37),

8. Terengganu (24),

9. Sabah (23),

10. Kelantan (21).

5. As of Nov 11, the results of surveillance activities for COVID-19 at sentinel locations found 61 Influenza-Like Illness (ILI) samples (7% positive rate) and 69 Severe Acute Respiratory Infections (SARI) samples (3% positive rate) tested positive for COVID-19.

6. The ministry predicts a slight rise in COVID-19 cases due to celebrations.

7. Recommendations include regular handwashing, mask-wearing, testing, seeking antiviral treatment for positive cases, and getting vaccinated to reduce infection risks, especially for high-risk groups.

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Malaysia's Covid-19 cases show 28pct spike, Sarawak highest | New Straits Times

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KUALA LUMPUR: Malaysia recorded 2,305 Covid-19 cases from Nov 12 to Nov 18, demonstrating a 28 per cent uptick from the previous week.

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[Nov 16, 2023] PETRONAS, CMS and Gamuda seen as strong contenders for construction of hydroelectric dams (Published on Nov 14, 2023]

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[Nov 16, 2023] PETRONAS, CMS and Gamuda seen as strong contenders for construction of hydroelectric dams (Published on Nov 14, 2023]

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1. PETRONAS, Cahya Mata Sarawak Bhd (CMS), and Gamuda Bhd are strong contenders for Sarawak's green energy expansion.

2. Sarawak aims to generate 7,000 megawatts of power by 2026.

3. Sarawak's government plans to build hydroelectric dams in Kapit and Baram. They will use a cascading design like in Tasmania, the Nordic countries, and Europe's River Danube.

4. Sarawak Energy Bhd (SEB) is requested to assess the feasibility of building cascading hydropower dams on the Trusan River in Limbang. The 275 MW Trusan Dam will provide electricity and water.

5. PETRONAS agreed to take equity in the Trusan Dam.

6. Gentari Sdn Bhd has signed two strategic collaboration agreements with SEB and SEDC Energy Sdn Bhd to develop and deploy clean energy solutions in Sarawak.

7. CMS, Sarawak's sole cement manufacturer, is vital to Sarawak's construction and quarrying businesses as its subsidiary was involved in the Bakun hydroelectric dam project - they provided galvanised structural steel and subcontract work from the Malaysia-China Hydro (MCH) JV.

8. Gamuda could be a contender for the RM4 billion Ulu Padas Hydroelectric project in Tenom, Sabah, to meet its Gamuda Green Plan 2025.

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Petronas, CMS and Gamuda seen as strong contenders for construction of hydroelectric dams | New Straits Times

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KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), Cahya Mata Sarawak Bhd and Gamuda Bhd are strong contenders for Sarawak's green energy expansion, according to industry insiders.

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[Nov 17, 2023] CDP's Best Practice Principles on Using Carbon Credits

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[Nov 17, 2023] CDP's Best Practice Principles on Using Carbon Credits

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CDP has drawn up three best practice principles when using carbon credits, which are as follows:

1. Principle 1: When to use credits? If you have set ambitious emissions reduction targets (SBTi 1.5C-aligned or equivalent) OR you are on track to meet these targets.

2. Principle 2: What kind of credits to use? Select credits issued by a high-quality standard (CCP-eligible if available) AND perform due diligence on the projects.

3. Principle 3: How to account for credits? By ensuring the carbon crediting programme has a robust and transparent credit registry AND reporting on using credits separate from the inventory.

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[Nov 15, 2023] Transition financing under NETR on the cards

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[Nov 15, 2023] Transition financing under NETR on the cards

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1. The Economy Ministry collaborates with banks and FIs to discuss transition financing plans under the National Energy Transition Roadmap (NETR).

2. The government has allocated RM2bil and is assessing the available financing and project allocation.

3. The government has introduced transition financing as a new funding stream to support projects like solar and hydrogen.

4. The government has significantly impacted fiscal and monetary paradigms globally and locally through digital banking.

5. Central banks implemented significant interest rate increases to combat inflation.

6. Despite facing economic stagnation for nearly two years, the banking and finance industry has seen record highs in net interest income (NII) and robust loan growth due to higher interest rates.

7. The cyclical nature of markets has led to peaks in NIIs and troughs in non-interest income, mainly advisory and fee-based businesses.

8. Malaysia's financial industry can seize a unique opportunity to capture large segments of the transition value chain by capitalising on the transition towards RE.

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PETALING JAYA: Plans for transition financing under the National Energy Transition Roadmap (NETR) are currently being discussed as the Economy Ministry is set to work together with banks and financial institutions, says its minister Rafizi Ramli.

He said the government has allocated RM2bil to be managed by his ministry and they are currently in the process of determining what type of financing can be made available and the amount to be allocated for different projects.

"The banking sector and government has provided funds for green projects. However, when we talk about energy transition, there are many sectors, industries or projects that may not qualify for green funding," he said to reporters yesterday during the Asian Strategy and Leadership Institute's (Asli) Banking and Finance Summit 2023, themed Future of Finance and Financing the Sustainable Development Goals.

Rafizi explained the funds allocated for transition financing will consist of projects including purchases or the usage of equipment to increase energy efficiency in businesses.

"By definition, it is not a green project but is it all part and parcel of the energy transition blueprint. It is important to note that for the NETR to achieve its objectives, an entire ecosystem must be created and this is why we developed another stream of funding called the transition financing," he said.

According to Rafizi, any kind of supporting project will fall under this stream, including solar and hydrogen projects.

"Hydrogen for example is very nascent, it will most likely not pass the standard banking evaluations in terms of returns. But if we have a roadmap that plans for 10 or 15 years ahead, we can build an entire hydrogen economy," he said.

Rafizi cautioned that the country should not wait for projects and strategies to fall into place before planning for funding and other policies needed.

"We cannot wait for everything to be ready then only look for funding, but it must start from now, so that's where this idea came from," he said.

Rafizi added he hopes this will open up channels for the government to work with the banking sector to further expand what was an already good system set up for green financing to now include transition financing.

Meanwhile, on digital banking, Rafizi said the last three years redefined the fiscal and monetary paradigms not only in Malaysia, but also globally.

In an attempt to curb inflation, he said central banks conducted the steepest series of interest-rate increases - the effect of this was felt throughout different segments of society.

"At the core of this is a banking and finance industry that had to navigate an economy that was at a standstill for almost two years. Yet, on the back of these higher interest rates, banks have managed to bolster their earnings with record highs in net interest income (NII) and robust growth in loans," he said.

Rafizi noted however, with the cyclical nature of markets, peaks have been in NII's, while the troughs have come from the non-interest income side, specifically in the form of the advisory and fee-based business.

"Uncertainty in the financial markets has forced many from the buy-side to revise their investment choices. With the lull in private equity deals continuing into 2023, many are growing weary of the limited exit opportunities which jeopardises the reinvestment lifecycle," he said.

Rafizi said his ministry has a long-term horizon view on such matters, with the main question of how the banking sector can optimise revenue growth, still at the forefront.

"Given Malaysia's transition towards a high-income country by 2025, the types of deals we source must be of equally high value. As with the NETR, it's a framework for our nation to transform the stagnant structures of our economy fundamentally," he said.

He added that by capitalising on this transition towards renewable energy, Malaysia's financial industry will have the once-in-a-generation opportunity to capture large segments of the transition value chain.

"With the direction and support of this government, there has never been a more opportune time to act. We have sufficient infrastructure, incentives, and initiative to drive Malaysia forward for a just and equitable transition."

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Transition financing under NETR on the cards

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Plans for transition financing under the National Energy Transition Roadmap (NETR) are currently being discussed as the Economy Ministry is set to work together with banks and financial institutions, says its minister Rafizi Ramli.

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[Nov 8, 2023] Budget 2024: The future of ESG in Malaysia (Published on Oct 31, 2023)

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[Nov 8, 2023] Budget 2024: The future of ESG in Malaysia (Published on Oct 31, 2023)

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1. Budget 2024 aims to integrate sustainability into economic policies, prioritising investment-intensive sectors and initiatives to drive sustainable growth and protect Malaysian welfare.

2. Budget 2024 allocates RM2 billion for the NETR and RM200 million for the NIMP, promoting low-carbon economy transition through FIs.

3. SMEs can receive RM900 million in loan funds to boost productivity through automation and digitalisation, aiming for higher sustainability performance, resource optimisation, waste reduction, supply chain streamlining, and workplace safety.

4. SME entrepreneurs focusing on green economy, technology, and halal fields will receive up to RM20 billion in guarantee funds.

5. Putrajaya aims to become Malaysia's low-carbon city, promoting sustainability through solar panels and electric vehicles, boosting investor confidence and transforming ESG into a mainstream strategy.

6. Budget 2024 focuses on attracting domestic direct investments and venture capital for high-innovation startups and climate resilience—allocation of RM2 billion for NETF and encouragement for financial institutions to provide up to RM200 billion.

7. The government is investing in green investments, aiming to boost corporate Green Power programmes and drive a low-carbon economy through the Third-Party Access System model.

8. The government is offering tax exemptions and deductions up to 2027 to encourage local companies to invest in sustainable economic instruments and drive long-term ESG programmes.

9. Increased funding for Ecological Fiscal Transfer for Biodiversity Conservation, proposed issuance of biodiversity sukuk, and tax deductions for tree-planting activities and environmental preservation projects certified by FRIM are encouraging.

10. The proposed development of a port in Carey Island, a risk due to rising sea levels, highlights a significant oversight in Malaysia's legal infrastructural needs.

11. Budget 2024 does not fully address ESG aspects like managing migrant workers and meeting ILO requirements.

12. Budget 2024 aims to achieve ESG goals, unlike neighbouring countries like Australia and Singapore.

1. Australia's initiatives include A$2bil for Hydrogen Headstart, A$4bil for renewable energy superpower, and A$20bn for electricity grid modernisation.

2. Singapore plans to gradually increase the carbon tax, transition to cleaner energy sources like hydrogen, and collaborate with neighbouring countries to develop regional power grids.

13. Malaysia can learn from OECD members' waste management practices, industry regulation, and community education programmes to enhance its ESG efforts, focusing on cohesive waste management, community education, and industry regulation.

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BUDGET 2024 is a promising one, especially within the environmental, social and governance (ESG) space as sustainability is integrated into economic policies.

Measures were presented to drive sustainable growth to protect as well as empower the welfare of Malaysians, and that includes focusing on strategies to prioritise sectors and initiatives that are investment-intensive. This reflects the government's recognition towards ESG as a "need" today, and the whole-of-nation approach in making Malaysia an investment destination and at the same time achieving carbon neutrality by 2050.

Budget 2024 lays the foundation not only for the National Energy Transition Roadmap (NETR) with a RM2bil allocation, but also a RM200mil startup fund for the New Industrial Master Plan (NIMP) 2030.

This is in addition to the RM200bil financing funds by financial institutions to encourage industries to transition towards a low-carbon economy.

> A RM900mil loan fund has been allocated for small and medium enterprises (SME) to increase business productivity through automation and digitalisation.

Leveraging on this could lead to higher sustainability performance through the optimisation of resources used, waste reduction, streamlining of supply chain and promoting workplace safety.

> Guarantee funds of up to RM20bil will be made available for SME entrepreneurs, particularly for those involved in green economy, technology and halal fields.

> Putrajaya will be modelled as Malaysia's low-carbon city through the installation of solar panels on the roof of government buildings and the use of electric vehicles as official vehicles, as the government leads by example in sustainability - further boosting investor confidence as ESG shifts from being just an investment category to mainstream strategy.

Experts share their take on what Budget 2024 means within the ESG realm:
How will Budget 2024's emphasis on ESG affect investor sentiment and foreign investment in Malaysia?
Budget 2024 has placed a strong emphasis on promoting domestic direct investments and attracting venture capital for high-innovation start-ups and green growth geared towards climate resilience. The allocation of RM2bil towards funding Malaysia's National Energy Transition Facility (NETF) and the government's encouragement to financial institutions to provide financing funds of up to RM200bil are solid steps in the right direction as it will encourage foreign climate investors to view Malaysia's energy transition efforts favourably. Particularly noteworthy is the funding allocated for green investments, which reflects the government's commitment to explore the Third-Party Access System model to enhance the implementation of the Corporate Green Power programmes.

This initiative is expected to stimulate investments, both from foreign and local sources, in our renewable energy sector - thereby drive the momentum towards a low-carbon economy. In a recent report by BloombergNEF, global investment in low-carbon energy technology has surged to a record level of USD1.1tril in 2022. The biggest share of these spending was directed towards renewable energy and electrified transport.

The Organisation for Economic Cooperation and Development (OECD) has also estimated that an annual investment of USD6.3tril in infrastructure will be required annually on average between 2016 and 2030 to meet the development needs globally.

An additional US$600bil a year over the same period will make these investments climate-compatible, a relatively moderate increase that could yield substantial short and long-term gains in terms of growth, productivity and well-being. Furthermore, the additional investment cost is likely to be offset over time by fuel savings resulting from low-emission technologies and infrastructure.
Does Budget 2024 outline strategies for ensuring the long-term sustainability of ESG programmes and initiatives?
The support for sustainable and responsible investments (SRI) through the provision of tax exemptions and deductions up to 2027 can be seen as a mid-term attempt by the government to encourage local companies to raise sustainable economic instruments and drive long-term ESG programmes. Similarly, this can be seen in the proposed tax deductions for companies participating in the voluntary carbon market.

Furthermore, the allocation of increased funding for the Ecological Fiscal Transfer for Biodiversity Conservation (EPT) is also encouraging, as is the proposed issuance of a biodiversity sukuk and tax deductions for tree-planting activities or environmental preservation and conservation awareness projects certified by FRIM.

The emphasis on impact investing through the promotion and support of social enterprise in the form of tax exemptions, is also very welcomed, which is essential as the country seeks to gain a better foothold in the impact investing space.
How does Budget 2024 address the balance between immediate needs and future sustainability?
Upon closer examination, Budget 2024 is very much focused on two main aspects of sustainability management within our country:

> Provide structures to promote investments into conservation and the transition towards a low-carbon economy.

> Stimulation of corporate activities, both among large enterprises and small and medium enterprises, to facilitate the transition towards a low-carbon economy.

These initiatives are pivotal for the country's future economic development.

However, the sustainability of these good intentions is questionable because Budget 2024 fails to adequately address the capacity enhancement needs of ESG vis-a-vis climate change risk management and the imperative of progress to a low-carbon economy.

Further, there needs to be greater awareness raised among the SMEs on the necessity of demonstrating sound ESG management - particularly to financial institutions, customers and partners. There is also a notable lack of address for the country's legal infrastructural needs in light of the accelerating climate change risks. The proposed development of a port in Carey Island is illustrative of this oversight, where projections of rising sea levels indicate that Carey Island is a particular risk.

Moreover, Budget 2024 is primarily centred on providing the necessary economic instruments to facilitate our country's transition towards a low-carbon economy. While this is a commendable goal, it is important to note that the budget does not comprehensively address the other aspects of ESG.

For instance, the legal situation for managing migrant workers in our workforce and how we as a nation need to address the requirements set by the International Labor Organisation (ILO).

To fully realise our national aspiration of developing our capital markets into a prominent regional SRI hub, we must broaden our approach to encompass a more comprehensive spectrum of ESG factors. This broader focus will not only cater to the current needs of SRI investors but also ensure our long-term success in this endeavour.
How does Malaysia's Budget 2024 compare to ESG-focused budgets in neighbouring countries or regions?
Compared to ESG-focused budgets in neighbouring countries such as Australia and Singapore, Malaysia's Budget 2024 has taken some initial steps towards ESG goals.For example, Australia's ESG initiatives in its Budget 2023-2024 include a significant A$2bil allocation for Hydrogen Headstart program to accelerate large-scale renewable hydrogen projects and a further A$4bil to become a RE superpower. In addition, Australia's "Rewiring the Nation" program allocates A$20bil in low-cost finance to expand and modernise Australia's electricity grids to support more renewable power.

Meanwhile, Singapore has announced in its Budget 2023 that it intends to raise the carbon tax progressively over the next few years. Further, Singapore intends to continue harvesting solar energy, transitioning to cleaner energy sources like hydrogen, and working with neighbouring countries (including Malaysia and Indonesia) to develop regional power grids.In comparison, Malaysia's Budget 2024 included some ESG-focused programs and tax exemptions or deductions such as:

> Improve the implementation of the Corporate Green Power Program under the Third-Party Access (TPA) model to drive investment in RE capacity as Malaysia targets 70% RE capacity by 2050 under the NETR.

> Continue the tax exemption for fund management companies managing SRI funds, and tax deductions on SRI sukuk issuance costs until YA 2027.

> Add a proposed tax deduction of up to RM300,000 for companies that invest in measurement reporting and verification (MRV) related to the development of carbon projects. These expenses can be deducted from the sale of carbon credits traded on the Bursa Carbon Exchange (BCX).
What can Malaysia learn from global ESG trends and experiences?
Key lessons that Malaysia can learn from the developed members of the OECD global community are their waste disposal efforts through industry regulation and guidelines and impactful community education programs to ensure businesses, households and organisations embark on cohesive waste management practices.

Among the policies and practices to consider include (see table).To further enhance its ESG efforts, Malaysia can learn from global trends and experiences by emphasising waste management, community education programs, and industry regulation to promote cohesive waste management practices.

Ultimately, Budget 2024 demonstrates Malaysia's commitment to embracing ESG principles and its potential to attract sustainable investments while highlighting the need for broader and more comprehensive ESG strategies for the future.

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Budget 2024: The future of ESG in Malaysia

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BUDGET 2024 is a promising one, especially within the environmental, social and governance (ESG) space as sustainability is integrated into economic policies.

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[Nov 7, 2023] Laying the Foundation for A Just Energy Transition (November 2023)

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[Nov 7, 2023] Laying the Foundation for A Just Energy Transition (November 2023)

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PETRONAS and PwC Malaysia co-organised four roundtable sessions to raise awareness and understand stakeholders' expectations on the just transition for Malaysia's energy sector, focusing on four themes:

1. Enabling Frameworks for a Just Transition

1. Key takeaways: Four key elements for a just transition include human rights due diligence, community benefits, procedural rights promotion, and addressing unequal power dynamics among stakeholders.

2. Workforce and Skills for the Future of Energy

1. Key takeaways: To ensure a fair workforce transition, identify skills gaps, understand needs, provide upskilling opportunities, and facilitate dialogues among stakeholders. A "whole-of-society" approach is crucial.

3. Supporting the Supply Chain:

1. Key takeaways:

1. SMEs are grappling with challenges in achieving net zero carbon emissions due to differing sustainability awareness, resource scarcity, rising costs, cash flow issues, and financing barriers.

2. To ensure a sustainable transition in the supply chain, SMEs should be made aware of sustainability, have clear expectations, have targeted solutions, and actively engage in their energy transition.

3. Clear policies and guidance are crucial for supporting SMEs in adopting sustainable practices.

4. Building Resilient Communities

1. Key takeaways: Key stakeholders should promote community development, rehabilitate infrastructure, and bridge education and skills gaps to enhance community resilience during the energy transition.

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[Nov 2, 2023] SBTi Announces Updated SME Definition and Fees

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[Nov 2, 2023] SBTi Announces Updated SME Definition and Fees

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1. The Science Based Targets Initiative (SBTi) has updated its definition of SMEs to direct more companies to the standard route for corporate target validation, helping scale the impact of science-based targets globally.

2. As part of its ongoing effort to strengthen compliance and increase ambition from the private sector, the new SME definition includes considerations beyond the number of employees, including (1) size of emissions inventory, (2) ownership and/or operation of specific assets, and (3) subsidiary status and financial turnover (refer to the image attached).

3. The SBTi increases the validation fees for SMEs from $1,000 to $1,250. SMEs with less than $10 million in revenue based in developing countries and economies in transition (as defined by the United Nations Department of Economic and Social Affairs) will be eligible for a fee waiver.

4. The updated SME definition, validation fee, and waiver threshold will take effect on January 1, 2024.

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The new SME definition is forward-looking, and will not require immediate action from companies that have already used the SME target validation route. Instead, starting on January 1, 2024, any businesses that wish to use the SME target validation route will need to adhere to the new SME definition. It will also apply to SMEs that resubmit their targets as part of a target recalculation or update after January 1 2024 when selecting the target validation route.

The SBTi is also announcing an increase in the validation fees for SMEs from $1,000 to $1,250. The increase accounts for a period of sustained inflation, and marks the first time the fee has been increased since the SME pathway was launched. Additionally, the initiative is reducing the threshold for SMEs to qualify for fee waivers to ensure that science-based targets promote ambitious and equitable corporate climate action. SMEs with less than $10 million in revenue that are based in developing countries and economies in transition (as defined by the United Nations Department of Economic and Social Affairs) will be eligible for a fee waiver. The updated fee and waiver threshold will also go into effect on January 1 2024.

To help companies and stakeholders understand the implications of the definition change, the SBTi has compiled this list of FAQs.

SMEs play an important role in corporate climate action, and the SBTi is committed to balancing ambition with practicality for small and medium businesses, providing they are low-emitters, while increasing ambition from the entire private sector. To stay informed on our latest work, join our mailing list and follow the SBTi on LinkedIn and X (previously known as Twitter).

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SBTi Announces Updated SME Definition and Fees - Science Based Targets

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The Science Based Targets initiative announces an updated definition of Small and Medium-Sized Enterprises (SMEs) alongside new fee and waiver details.

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[Nov 2, 2023] EFRAG Sustainability Reporting Work Programme for 2024

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[Nov 2, 2023] EFRAG Sustainability Reporting Work Programme for 2024

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European Financial Reporting Advisory Group (EFRAG) presented the Sustainability Reporting 2024 work programme for the Sustainability Reporting Board with the timings for upcoming deliverables:

1. Implementation guidance on Value Chain and Materiality Assessment: Approved draft version before the end of 2023, followed by a 30-day public feedback period. Final versions are expected by January 2024.

2. European Sustainability Reporting Standards (ESRS) for listed SMEs (LSME) and Voluntary ESRS for non-listed SMEs (VSME): Exposure Draft for 4-month public consultation in January 2024. Technical advice will be submitted to the European Commission (EC) in November 2024.

3. Sector-specific ESRS: The EC delayed the deadline for the adoption of sector-specific standards from June 2024 to June 2026. EC also clarified that it expects EFRAG to finalise 40 sector-specific standards after that deadline.

4. Sector-specific standards to be prioritised by EFRAG are the General approach to sector-ESRS, sector-classification ESRS, two high impact sectors (probably O&G and Mining), and possibly two more expected in the first half of 2024.

5. Financial sector ESRS: The nominations committee still selects members for the Advisory Panel. Standard-setting research process work on developing value chain guidance for the financial sector is expected to start before the end of 2023, and drafting will start in the second half of 2024.

6. ESRS for non-EU groups: The EC delayed the deadline for their adoption from June 2024 to June 2026.

7. Exposure Draft issued for public consultation by Q4-2024/Q1-2025.

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[Oct 28, 2023] Key Takeaways from the Youth Economic Forum 2023

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[Oct 28, 2023] Key Takeaways from the Youth Economic Forum 2023

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1. MADANI is a Malaysian approach that integrates existing practices with new methods to address new issues and uncertainties. Its six core values form an integrated framework of policies and philosophies for a more advanced Malaysia.
2. MADANI impacts the career by increasing foreign direct investment (FDI), which leads to higher quality and pay, digitalisation (e.g., National Digital Identity Initiative designed for security, privacy, and diversity), ESG, and sustainability.
3. Despite Malaysia’s growing prosperity, it has a gap in the healthcare and education system that needs reformation. The RM52 billion subsidies for fuel are regressive and counterproductive; we should invest in healthcare facilities and services instead.
4. Development expenditure is crucial to education and healthcare, as social well-being is a fundamental human right.
5. Malaysia’s financial issues include governance revenue, structuring subsidies for holistic protection, the relevance of GLCs and their consolidation, and national debt and its management for future generations.
6. Malaysia’s actions matter to the world. Hence, we need to boost our capabilities and focus on long-term solutions with interval milestones clearly articulated and shared with the public.
7. PayNet aims to empower MSMEs, social enterprises, and local communities through its PayNet Cambah programme, which sustains payment prosperity and increases GDP.
8. There should be a reinforcement of public scrutiny and detailed evaluation of government and agencies’ programmes.
9. Women should have and be given access to financial security like credit, insurance, and pension.
10. The government must focus on advocating for the public on equity in investment as it is not well-known.
11. More companies should be onboard in e-invoicing to ease the process of tax exemption and redemption.
12. Russia-NATO tensions, cyberattacks, US-China strategic competition, renewed pragmatism, climate risk, energy security, and sovereign debt crises are among the impactful geopolitical risks.
13. Youths must study and do intensive research on international affairs, rethink international affairs, and prioritise global issues. Also, youths must be proactive in the current multi-polarised world.
14. NIMP has clarity (clarifies government’s expectations), aligns with NETR, stresses PLCs’ accountability and transparency, and supports manufacturing sectors.
15. The Ministry of Education states that approximately 30,000 candidates did not sit for the SPM examination last year due to the poor quality of online lessons. Some students hesitate to enrol in fully-remote programmes due to fear of distraction.
16. Future-proof Malaysian students by investing in teachers’ well-being (pay them higher, motivate them, provide mental health support, and let them teach instead of doing the administrative work) and foresight thinking.

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[Oct 19, 2023] Key Takeaways from the National OGSE Roadshow 2023

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[Oct 19, 2023] Key Takeaways from the National OGSE Roadshow 2023

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1. MPRC will review its National OGSE Industry Blueprint (NOB) in 2024 and will present the review outcome in 2025.

2. NETR involves 10 flagship projects, 50 key initiatives and enablers and 6 Energy Transition Levers (Energy efficiency, Renewable Energy, Hydrogen, Bioenergy, Green Mobility and CCUS). Natural gas will become the primary transition energy source in the future.

3. Within NETR, there are various opportunities for OGSE players in Hydrogen and CCUS: Hydrogen: One (1) hydrogen hub by 2030, two (2) more by 2050. CCUS: 40-80 MTPA CO2e storage capacity by 2050, with three (3) CCUS hubs (2 in Peninsular Malaysia, 1 in Sarawak).

4. NETR is anticipated to create >300k green jobs by 2050.

5. National Energy Transition Facility (NETF) is an initiative within the enabler “Financing & Investment”. It will involve an initial seed fund worth RM 2 billion. It will explore the catalytic blended finance platform aimed at expediting the mobilisation and deployment of capital to enhance the accessibility of funds, streamline investment processes, and ensure a seamless flow of financial resources towards energy transition projects.

6. Re-positioning OGSE players to support green projects, e.g., Hydrogen and CCUS, is imperative, especially for adjacent categories that are relevant to both O&G and green projects (e.g., Hook-Up and commissioning) through capability-building.

7. The OGSE industry supplier landscape has many suppliers and is fragmented. Industry consolidation (via M&A) should be considered to ensure pace and economic viability to achieve NETR targets.

8. OGSE players are highly encouraged to take advantage of the existing financial incentives provided by the government for the transition towards sustainability.

9. Transition financing is scarce in the market as FIs view change in business models, even to shift towards sustainability, as high risk.

10. The energy transition is a complex matter, which differs by market landscape and geographical factors. Industry ecosystem players must be onboarded together to assist the OGSE industry’s transition towards sustainability, especially FIs that are reluctant to provide funding related to O&G.

11. Southeast Asia O&G industry outlook: Deep-water and sour service projects will be crucial to the investment renaissance in the SEA region; 40% of projects are CO2-impacted.

12. Floater-based projects will remain strong in the SEA region (e.g., FPSO projects).

13. Malaysian exploration activities doubled in 2022, and a further 40% growth is anticipated by 2024.

14. An active M&A market for upstream assets will be up for grabs by 2024, worth up to USD 5 billion.

15. Malaysian Industrial Development Finance Berhad (MIDF) offers 11 scheme financing (soft loans) and up to RM20 million in financing facilities at a fixed interest rate of as low as 2% per annum on monthly payments for SMEs and above 4% for non-SMEs.

16. Syarikat Jaminan Pembiayaan Perniagaan (SJPP) administers and manages the Government’s Guarantee Schemes. It can guarantee up to RM20 billion in SME loans, focusing on agriculture, healthcare, manufacturing, and green technology sectors. However, the OGSE sector is not included.

17. SJPP does not provide financing or credit facilities, so SMEs should apply for financing facilities from participating FIs.

18. Agensi Kaunseling dan Pengurusan Kredit (AKPK)’s Small Debt Resolution Scheme (SDRS) allows SMEs to obtain help and advice on debt restructuring, rescheduling, and refinement.

19. Bank Islam Malaysia Berhad collaborated with PETRONAS and SJPP to support PETRONAS vendors’ growth by offering structured financing facilities (up to RM10 million).

20. Agencies responsible for incentive and infrastructure services include MATRADE, MIDA, MOGSC, and MRANTI. In contrast, agencies that have and can give access to financial services are MATRADE, MIDF, MIMOS, MOSTI, MPRC, MTDC, SME Bank, and SME Corp.

21. There are around 40 commercial capture facilities in operation globally, with a total annual capture capacity of more than 45 Mt CO2. While more than 50 new capture facilities targeting operation by 2030 have been announced since January 2022, the pipeline of current projects is only just around a third of the Net Zero Emissions Scenario requirement in 2030.

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[Oct 18, 2023] Malaysia takes global lead with innovative ESG Disclosure Guide for SMEs

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[Oct 18, 2023] Malaysia takes global lead with innovative ESG Disclosure Guide for SMEs

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1. Malaysia's Pioneering Initiative: Capital Markets Malaysia (CMM) and the Securities Commission Malaysia (SC) have introduced the Simplified ESG Disclosure Guide (SEDG), making Malaysia a global pioneer in providing MSMEs within supply chains with a simplified ESG disclosure framework.

2. Simplifying ESG Frameworks: The SEDG simplifies and consolidates complex ESG frameworks, ensuring MSMEs have greater access to ESG data. Extensive consultations were conducted with stakeholders, including large corporations, MSMEs, and regulatory bodies, during the crafting of the guide.

3. Global ESG Requirements: The initiative aims to help large and small companies meet global ESG requirements. MSMEs are particularly vulnerable to supply chain vulnerabilities, hence the SEDG is a critical tool to empower them.

4. Alignment with Sustainability Policies: The release of the SEDG aligns with Malaysia's national policies focused on fostering business sustainability as the country advances its net-zero commitments.

5. Structured Disclosure Categories: The SEDG comprises 35 priority disclosures categorised into Basic, Intermediate, and Advanced levels, allowing SMEs to align with their specific sustainability maturity.

6. Broad Support: The SEDG initiative has gained support from major players in supply chains, financial institutions, government bodies, and NGOs. An associated programme, the SEDG Adopter Programme, provides training and workshops to facilitate ESG reporting for SMEs.

7. Global and Local Compliance: The guide adheres to various global and local reporting standards, and sector-specific guidance is expected to be introduced in early 2024.

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The SEDG covers indicators that can be tracked and disclosed to measure ESG progress, as well as provide for different levels of adoption. The guidance structure of the disclosures consists of most referenced topics in ESG disclosures. The Guide provides the metrics needed to track progression in each 15 topics and identifies 35 disclosures in selected standards that correlate to chosen disclosures.

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Budget 2024 was tabled in Parliament on 13 October 2023 with the theme of "Economic Reforms, Empowering the People".

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[Oct 11, 2023] SC to develop governance guidance for SMEs

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[Oct 11, 2023] SC to develop governance guidance for SMEs

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1. The Securities Commission Malaysia (SC) is collaborating with relevant agencies to develop an ESG toolkit tailored for MSMEs.

2. Capital Markets Malaysia (CMM), an affiliate of the SC, will issue a Simplified ESG Disclosure Guide specifically for SMEs.

3. This effort is driven by the recognition that SMEs need support and guidance to manage risks from supply chain vulnerabilities and disruptions.

4. Malaysia's corporate governance guidelines align with the updated G20/OECD Principles of Corporate Governance, emphasising the importance of board governance and management diversity.

5. In June 2023, Bursa Malaysia made it mandatory for listed companies to have at least one woman on their board of directors, in line with the recommendation that women directors comprise at least 30% of all board members.

6. The SC is actively promoting sustainability in governance through initiatives like the Leading for Impact Programme, a mandatory onboarding training for directors of listed firms, with over 1,000 directors participating.

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[Oct 11, 2023] Stockholm to ban petrol, diesel cars in city centre from 2025

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[Oct 11, 2023] Stockholm to ban petrol, diesel cars in city centre from 2025

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1. Stockholm will ban petrol and diesel cars in a central 20-block area of the city with many pedestrians and cyclists on Dec 31, 2024, to improve air quality.

2. This is mainly due to the air in Stockholm causing babies to have sick lungs and the elderly to die prematurely.

3. Exceptions will be made for police cars, ambulances, and other security services.

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[Oct 9, 2023] Mental Health Issues Soar to Number 1 Workplace Injury

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[Oct 9, 2023] Mental Health Issues Soar to Number 1 Workplace Injury

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1. World Mental Health Day is celebrated on October 10th, but chronic stress, burnout, and workplace anxiety remain prevalent occupational hazards.

2. Atticus surveyed 1,000 employees using data from OSHA, BLS, and Google Trends to investigate the decline in mental health among professionals. Here are some of the key findings:

3. One in 10 workers experience mental health issues due to their work.

4. The highest number of workplace injuries (52%) are related to stress and anxiety.

5. Mental health issues are 10 times more common work-related injuries than chemical exposure and 8.6 times more common than head injuries.

6. Perfectionistic burnout results from traits workers impose on themselves throughout the workday or workweek.

7. A self-care plan can help you know your limits, set realistic expectations, avoid burnout and communicate feelings of being overwhelmed or fatigued to bosses and coworkers.

8. Practice mindfulness, exercise, microbreaks, hobbies, and eating habits regularly and throw people-pleasing out the window if it conflicts with your mental health.

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Out of all the injuries at work, new research shows that mental health issues are the number one ... [+]
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As October 10th recognizes World Mental Health Day, chronic stress and burnout continue to sweep through the workplace, and workplace anxiety has become a top occupational hazard. Last year the Surgeon General announced that toxic workplaces are a top five health crisis, that 87% of employees say they're suffocating in toxic work cultures and that 79% report work-induced mental illness. Showpad conducted a survey and found that 40% of workers are experiencing workplace anxiety, and 65% say it has been triggered by going into the office or engaging in office conversations.

A new Atticus study found that mental health issues such as stress and anxiety are now the number one most common workplace injury, making up 52% of all workplace injury cases. Google searches for "burnout" have skyrocketed 63% in September. And it's not just employees. A total of 43% of middle managers also report burnout-more than any other worker group. As mental health issues are now the number one most common workplace injury, the team at Atticus surveyed 1,000 employees and collected recent data from OSHA, BLS and Google Trends to explore professionals' mental health decline. Here are some of the key findings:

One in 10 workers experience mental health issues due to their work.

The highest workplace injuries (52%) are related to stress and anxiety.

Mental health issues are 10 times more common work-related injury than chemical exposure and 8.6 times more common than head injuries.

For comparison, 19% of employees have been physically injured at work, and 26% of them filed workers' compensation as a result.

Four in 10 employers don't offer disability insurance.

I spoke by email with Merritt Ryan, data journalist working on behalf of Atticus. He told me, "We were surprised to uncover strong relationships between schedules, convenience and safety at work. Over one-quarter of all respondents were willing to adjust their work schedules to ensure greater safety. Similarly, 30% of respondents would be willing to forgo convenience in favor of improved workplace safety."

As the tech industry faces more layoffs and employees face increasingly demanding work, the role of HR is vital in supporting employees-but how is HR handling toxic work environments and terminations? The team at B2B surveyed over 1,000 employees in the tech industry to find out. Here are their key findings:

Nearlyone in 10tech employees describe their company culture as toxic.

Only one in 10tech employeesfiled a complaint with HR in the last six months, with burnout due to increased workload (31%) as the most common complaint.

Over two in five tech employees reported layoffsat their company in the last six months.

Over one in 10HR tech employees have used ChatGPT to craft terminations.

Over halfof HR employees working in tech have usedChatGPT, saving an average of70 minutes per week.

But job burnout isn't solely a consequence of workplace conditions. There's one thing many employees bring to work that contributes to stress and anxiety. Perfectionistic burnout results from traits workers impose on themselves throughout the workday or workweek. According to a 2022 Gallup poll, 76% of American workers report experiencing the end-of-their-rope fatigue and frustration that are the hallmarks of burnout. And perfectionists, more than the average worker, are at higher risk for burnout which has increased from the 1980s until now-the rise believed to be the country's increases in pressure, stress and anxiety. A self-care plan can help you know your limits, set realistic expectations, avoid burnout and communicate feelings of overwhelm or fatigue to bosses and coworkers. This may mean turning down a new project or giving up some responsibilities to clear your plate. We all have a responsibility to do our part to protect our mental health. Practice "me time" (mindfulness, exercise, microbreaks, hobbies and eating habits) regularly and throw people-pleasing out the window if it conflicts with your mental health.

Follow me on Twitter. Check out my website or some of my other work here.

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mental health number one in workplace injuries

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how hr is handling mental health injuries in the workplace

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addressing mental health in the workplace

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Mental Health Issues Soar To Number 1 Workplace Injury

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As we recognize World Mental Health Day, stress and anxiety skyrocket to the number one most common workplace injury, making up 52% of all workplace injury cases.

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[Oct 9, 2023] MIDA Launches New Funds to Drive Automation, Digitalisation, and Sustainable ESG Practices

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[Oct 9, 2023] MIDA Launches New Funds to Drive Automation, Digitalisation, and Sustainable ESG Practices

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1. Malaysian Investment Development Authority (MIDA) has launched new funding facilitation initiatives to stimulate Malaysia's industrial growth and promote economic development.

2. The initiatives include the Domestic Investment Accelerator Fund (DIAF), the MADANI Smart Automation Grant (SAG MADANI), and the Foreign Investment Accelerator Fund (FIAF).

3. DIAF and SAG MADANI are strategically designed to provide tailored solutions for local manufacturers and service providers.

4. FIAF is designed for Malaysian multinational companies to facilitate R&D and training transfer in the high-technology sector.

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[Oct 6, 2023] Bursa Malaysia launches handbook to boost carbon market in Malaysia

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[Oct 6, 2023] Bursa Malaysia launches handbook to boost carbon market in Malaysia

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1. VCM Handbook Launch: Bursa Malaysia introduced a national voluntary carbon market (VCM) handbook to guide local stakeholders in generating carbon credits.

2. Role Definition: The handbook defines the roles and functions of critical entities in Malaysia's carbon market, serving as a reference for market participants.

3. Global Significance: Bursa Malaysia's CEO emphasised Malaysia's need to develop its VCM ecosystem and implement high-quality carbon projects.

4. Nature-Based Solutions (NbS): The article highlights the significance of NbS in mitigating climate change and mobilising public sector finance for NbS.

5. Policy Developments: The National Carbon Policy is expected to be implemented soon, guiding carbon trading at the state level, and state governments are in discussions to align carbon policies related to forest carbon assets.

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[Oct 4, 2023] Singapore unveils carbon credit criteria; new double-counting safeguards could exact a price

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[Oct 4, 2023] Singapore unveils carbon credit criteria; new double-counting safeguards could exact a price

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Singapore has released the eligibility criteria for its International Carbon Credit (ICC) Framework. Certified emissions reductions or removals must meet all of the following seven criteria:

1. No double counting: Must not be accounted for more than once.

2. Additional: Must exceed any emissions reduction or removals required by the host country's law or regulatory requirement.

3. Real: Must have been quantified based on a realistic, defensible, and conservative estimate of emissions.

4. Quantified and verified: To be calculated conservatively, transparently, and measured and verified by an accredited and independent third party.

5. Permanent: Must not be reversible, or if there is a risk that the certified emissions reductions or removals may be reversible, there must be measures to monitor, mitigate and compensate for any material reversal of the certified emissions reductions or removals.

6. No harm: The project or programme that generated the certified emissions reductions or removals must not violate any applicable laws, regulatory requirements, or international obligations of the host country.

7. No leakage: The project or programme that generated the certified emissions reductions or removals must not result in a material increase in emissions elsewhere. Leakage risk, if any, must be managed.

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[Oct 4, 2023] Malaysia launches its National Industry ESG (iESG) Framework

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[Oct 4, 2023] Malaysia launches its National Industry ESG (iESG) Framework

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1. The i-ESG Framework is a crucial enabler for the Push for Net Zero mission, one of four missions of the recently launched New Industrial Master Plan 2030 (NIMP 2030).

2. The i-ESG’s overarching objective is accelerating the transition towards sustainable practices among manufacturing companies.

3. There are four pillars - standards, financing, capacity building, and market mechanism - as well as 17 strategies, 50 deliverables and six key enablers.

4. The framework aims to provide guidance and drive the manufacturing sector, especially for micro, small, and medium enterprises (MSMEs), towards ESG compliance.

5. The iESG Framework is set to help Malaysia achieve its sustainability and net zero aspiration goals within seven years or less.

6. It will also potentially lead the way to tap into a US$ 12 trillion (RM56.5 trillion) ESG-focused global market.

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Malaysia Industry ESG Framework Phase 1.0

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[Oct 2, 2023] 'Greenlash' fuels fears for Europe's environmental ambitions

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[Oct 2, 2023] 'Greenlash' fuels fears for Europe's environmental ambitions

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1. Growing Resistance to Green Agenda: Europe is facing a "greenlash," driven by concerns about the cost of living crisis as policymakers implement measures beyond power generation, affecting areas like buildings and transport.

2. Challenges in Passing Green Laws: It is getting harder to pass green laws as politicians tap into concerns about the expense of green policies. Some EU governments are resisting emissions limits for cars, seeking to weaken pollution controls for livestock farms, and opposing energy efficiency measures for buildings.

3. UK's Changing Green Policies: The UK is criticised for not doing enough to meet its net-zero target 2050. Rule changes have hampered progress in onshore and offshore wind projects, causing some developers to express concerns about investing in the sector.

4. Political Challenges: Green policy disputes have boosted right-wing populist parties in Dutch and German polls, highlighting the need for politicians to show that the green transition is and offers support to those in need.

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BERLIN/BRUSSELS, Aug 10 (Reuters) - A growing 'greenlash' against Europe's environmental agenda has not so far derailed its decarbonisation plans, but looming elections could put future climate and nature measures at risk.

The European Union (EU) has burnished its role as a leader on climate change, enshrining carbon reduction targets in law and proposing policies to slash emissions this decade.

And so far the impact of the green backlash is limited, say policymakers and analysts, because most of Europe's main CO2-cutting policies are fixed into law.

But as policymakers seek to translate net-zero targets into measures that extend beyond power generation to areas such as buildings and transport, they face increasing resistance as citizens struggle with a cost of living crisis.

Angst over a law to phase out oil and gas heating brought Germany's ruling coalition close to breaking point, while in the Netherlands, anger at plans to cut nitrogen pollution led to a shock poll win for a new farmers' protest party.

Analysts say politicians are increasingly tapping into worries about the expense of green policies ahead of regional, national and EU elections over the next year-and-a-half.

"It's definitely different circumstances than in 2019 when we started with this maximum support and the political willingness to act from ... across the parties," European Environment Commissioner Virginijus Sinkevicius told Reuters.

Politicians must take into account polls showing a large majority of citizens are worried about climate change and strong business interests behind the green transition.

"We have this stable majority which supports the green deal," he said, referring to the level of support in the European Parliament for the EU's overall green agenda.

"But then we come to more difficult files (EU legal proposals) where I think, inevitably, they are very much affected by the political debate," Sinkevicius added.

As a result, officials say it is getting harder to pass green laws, with some EU governments resisting new emissions limits for cars and seeking to weaken pollution controls for livestock farms. A proposal to improve the energy efficiency of buildings faces pushback from countries worried by the cost.

Poland's government, which faces October elections, is even suing Brussels over climate policies.

"Does the EU want to make authoritarian decisions about what kind of vehicles Poles will drive?" its Minister of Climate and Environment Anna Moskwa asked last month.

Nature conservation measures face even greater opposition than decarbonisation ones due to lobbying by the powerful agriculture sector and a lack of strong business incentives for change, said Nathalie Tocci, director of Italian international relations think tank Istituto Affari Internazionali.

Although a recent campaign by the centre-right European People's Party, the biggest group in the European Parliament, to kill off a proposed law to restore damaged environments failed, the proposal looks set to be diluted.

"The elections to the European Parliament next year will be very decisive if one looks further ahead, because the centre right group is turning more negative to green policies," the European Council on Foreign Relations' Mats Engström said.

GREEN INVESTOR CONFIDENCE

Another concern is the impact on Europe's diplomatic standing and investor confidence, coming as the United States offers multi-billion dollar green subsidies and tax breaks.

"It's slightly ironic that Europe is having these problems when the United States has finally got its act together," said Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science.

Ward said Europe risked falling behind India and China in establishing green industries and technologies.

Last year, India boosted solar capacity by 28%, outpacing the capacity growth of European heavyweights.

"If Europe is wavering, it will allow other countries to take advantage in the international markets in electric vehicles and other technologies," Ward said.

Britain has already quickly gone from being a leader on the world stage to looking quite weak on green policies, he said.

Britain's climate advisers said in June the country is not doing enough to meet its 2050 net zero target, while a government-commissioned review found businesses complained of weaknesses in Britain's investment environment.

Progress in UK onshore and offshore wind has been hampered by rule changes, for example, prompting some developers to warn they will struggle to invest without better incentives.

Prime Minister Rishi Sunak, who faces an election within 18 months, last month warned of climate policies that "unnecessarily give people more hassle and more costs".

CITIZENS, BUSINESSES

Europe's green policies are still more credible than U.S. ones, given see-sawing between electoral cycles in the United States, some analysts said.

But EU politicians are going to need to address more concerns of citizens and businesses if they want to maintain support as they legislate on sectors that hit close to home.

Dutch Minister for Climate and Energy Policy Rob Jetten told Reuters in June that the main challenge for the next few years was for politicians to show that the green transition was also a just one, with support available for those in need.

Rows over green policies have propelled right-wing populist parties to second place in both Dutch and German polls.

The German heating law debacle underscored the importance of ensuring green laws enabled transition without overwhelming anyone, Nina Scheer, climate protection spokesperson for the ruling Social Democrats in parliament, said.

"Otherwise citizens might start to feel that climate policy is always financially overwhelming and bad, and that sentiment is then exploited by populists."

Crafting a strong green industrial policy is key, said Simone Tagliapietra, Senior Fellow at think-tank Bruegel.

"If we don't create green jobs in Europe, if we don't make sure to have these industrial and economic opportunities, we will be in trouble," Tagliapietra said.

Reporting by Kate Abnett in Brussels, Sarah Marsh in Berlin and Gloria Dickie in London; Additional reporting by Anthony Deutsch in Amsterdam, Angelo Amante in Rome, Pawel Florkiewicz in Warsaw, Susanna Twidale and William James in London; Editing by Alexnder Smith

Our Standards: The Thomson Reuters Trust Principles.

Chief correspondent covering political and general news in Germany with experience in Argentina and in Cuba leading Reuters' broader Caribbean coverage.

Kate Abnett covers EU climate and energy policy in Brussels, reporting on Europe's green transition and how climate change is affecting people and ecosystems across the EU. Other areas of coverage include international climate diplomacy. Before joining Reuters, Kate covered emissions and energy markets for Argus Media in London. She is part of the teams whose reporting on Europe's energy crisis won two Reuters journalist of the year awards in 2022.

Gloria Dickie reports on climate and environmental issues for Reuters. She is based in London. Her interests include biodiversity loss, Arctic science, the cryosphere, international climate diplomacy, climate change and public health, and human-wildlife conflict. She previously worked as a freelance environmental journalist for 7 years, writing for publications such as the New York Times, the Guardian, Scientific American, and Wired magazine. Dickie was a 2022 finalist for the Livingston Awards for Young Journalists in the international reporting category for her climate reporting from Svalbard. She is also an author at W.W. Norton.

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'Greenlash' fuels fears for Europe's environmental ambitions

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A growing 'greenlash' against Europe's environmental agenda has not so far derailed its decarbonisation plans, but looming elections could put future climate and nature measures at risk.

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[Oct 2, 2023] Tengku Zafrul: iESG framework can lead to global US$12t market opportunities for Malaysia

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[Oct 2, 2023] Tengku Zafrul: iESG framework can lead to global US$12t market opportunities for Malaysia

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1. Malaysia has launched the Industry Environmental, Social, and Governance (iESG) Framework to help achieve sustainability and net-zero goals within seven years.

2. It will be implemented in two phases: Phase 1.0 from 2024 to 2026 and Phase 2.0 from 2027 to 2030.

3. Phase 1.0 focuses on the "Just Transition" principle, considering local businesses, especially MSMEs, need time to meet ESG standards.

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KUALA LUMPUR, Oct 2 - The newly launched Industry Environmental, Social, and Governance (iESG) Framework is set to help Malaysia achieve its sustainability and net zero aspiration goals within seven years or less.

It will also potentially lead the way to tap into a US$12-trillion (RM56.5 trillion) ESG-focused global market.

Investment, Trade and Industry (Miti) Minister Datuk Seri Tengku Zafrul Abdul Aziz said the framework begins with Phase 1.0 from 2024 to 2026, followed by Phase 2.0 from 2027 to 2030.

"Miti strongly believes that the transition towards sustainability and meeting Malaysia's aspiration to become net zero by 2050 will bring numerous benefits in terms of sustainable growth and job creation.

"The commitment to ESG principles in Malaysia's national development agenda also reflects our recognition that embracing sustainability is not just something we must do to safeguard growth and profits, but most importantly, it is also the right, moral thing to do for the sake of our people and planet," he said.

Tengku Zafrul's speech was read by Deputy Investment, Trade and Industry Minister Liew Chin Tong at i-ESG Phase 1.0 launch here today.

As a signatory to the 2015 Paris Agreement, Malaysia is committed to reducing greenhouse gases by 45 per cent in 2030 and becoming carbon neutral (net zero emission) by 2050.

The i-ESG Framework is a key enabler for the Push for Net Zero mission, one of four missions of the recently launched New Industrial Master Plan 2030 (NIMP 2030).

The i-ESG's overarching objective is to accelerate the transition towards sustainable practices among manufacturing companies.

There are four pillars-standards, financing, capacity building and market mechanism-as well as 17 strategies, 50 deliverables and six key enablers. The framework aims to provide guidance and drive the manufacturing sector, especially for micro, small, and medium enterprises (MSMEs) towards ESG compliance.

"While the NIMP 2030 sets out the 'what' of ESG, this i- ESG Framework presents the 'how'. It serves as a roadmap for businesses to integrate ESG considerations into their operations, and is a tool for regulators to ensure compliance and accountability," he said.

Tengku Zafrul said the i-ESG Phase 1.0 lays the groundwork and fosters the development of a robust ecosystem to help ensure companies' readiness to meet the more rigorous demands of Phase 2.0.

He noted that Phase 1.0 would centre on the principle of "Just Transition" because local businesses, particularly the MSMEs, cannot be held immediately accountable to standards that companies in developed markets have had a head start for at least a decade or longer.

This also ensures that no one is left behind, reflecting the Madani Economy's commitment to inclusivity, particularly in the pursuit of ESG objectives, he added.

MSMEs in the manufacturing sector must not be left to fend for themselves in adopting and embracing sustainable practices because they may not have the capacity or technical knowledge, he said.

Almost 98 per cent of Malaysia's business establishments are MSMEs, employing 7.3 million and they must be supported, he said, adding that MSMEs in the manufacturing sector contribute about 8.0 per cent to gross domestic product and 9.0 per cent to exports. - Bernama

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international trade and industry ministry miti

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Tengku Zafrul: iESG framework can lead to global US$12t market opportunities for Malaysia

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KUALA LUMPUR, Oct 2 - The newly launched Industry Environmental, Social, and Governance (iESG) Framework is set to help Malaysia achieve its sustainability and net zero...

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[Sep 26, 2023] SC, SME Corp ink MoU to facilitate capital market financing for MSMEs

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[Sep 26, 2023] SC, SME Corp ink MoU to facilitate capital market financing for MSMEs

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1. The capital market is now accessible to micro, small, and medium enterprises (MSMEs), accounting for 38% of Malaysia's GDP.

2. With 48% employment, capital-ready smaller firms mean a plus to the Malaysian ESG Movement.

3. SME Corporation Malaysia (SME Corp) has a database of MSMEs. When bundled with the regulatory expertise of the Securities Commission Malaysia, sustainable development will be easier for non-PLCs.

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[Sep 20, 2023] Bursa Malaysia Encourages Greater Sustainability Reporting Compliance with Illustrative Sustainability Report

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[Sep 20, 2023] Bursa Malaysia Encourages Greater Sustainability Reporting Compliance with Illustrative Sustainability Report

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1. Bursa Malaysia Securities Berhad unveiled the Illustrative Sustainability Report (ISR) to enhance the commitment of listed issuers to sustainability practices and disclosures.

2. Bursa Malaysia had previously introduced sustainability reporting requirements within the Main Market Listing Requirements (Main LR) and the ACE Market Listing Requirements (ACE LR).

3. The ISR visually presents enhanced sustainability disclosure criteria, covering critical disclosures in each Sustainability Statement or report section, cross-referencing requirements and recommendations from international sustainability reporting frameworks.

4. The ISR assists listed issuers in preparing for the phased implementation of the Enhanced Sustainability Reporting Framework starting from the end of the financial year 2023.

5. Bursa is developing a Sustainability Explainer Video to simplify the reporting process for listed issuers, ensuring a smoother transition and increased accessibility.

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[Sep 19, 2023] Climate and nature action are inseparable and face the same urgent timeline

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[Sep 19, 2023] Climate and nature action are inseparable and face the same urgent timeline

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1. The Taskforce on Nature-Related Financial Disclosures (TNFD) harnesses framework design and stakeholder engagement synergies to avoid repetition and maximize the prospects of achieving integrated climate-nature disclosures.

2. When we compare the most recent version of the two frameworks, much of the Task Force on Climate-Related Financial Disclosures (TCFD)'s framing has been left intact.

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S&P Global Sustainable1 is joining as Principal Partner for this year's World Biodiversity Summit during Climate Week NYC. This post was first published by World Climate Foundation on Sept. 1.
Over the past couple of years, I have spoken with more than 100 corporate stakeholders - both investors and nonfinancial companies - about nature and biodiversity, particularly in the Americas and Asia. Much of these discussions centered on the questions: What do we need to pay attention to from the private sector perspective? How do we make progress on this issue amid so many other priorities? There can be a kind of nervousness around bringing a new set of concepts related to nature and biodiversity to the table. Some senior managers have commented that they only just started making headway on aligning climate strategy among the board, management, suppliers and other stakeholders - so they are looking for help in expanding that work to include nature.

But the fact of the matter is, more investors, companies and other stakeholders are recognising that these nature-related concepts, from biodiversity to natural capital to ecosystem dependencies, are inseparable from a robust climate strategy. Research from S&P Global Sustainable1 found that 85% of the S&P Global 1200 constituents - the world's largest companies - have a significant dependency on nature across their direct operations. And not only are most large companies dependent on nature but there is an urgency to address that dependence by measuring it and protecting the natural resources companies and communities rely on.

2030 is key

For action on both climate and nature, 2030 is critical: It is a key waypoint on the road to hitting net-zero by mid-century, and it is also the explicit deadline for a recently signed global biodiversity commitment. It is hard to understate the importance to the global economy of making significant progress every year going forward and hitting the 2030 goals.

The central goal of the 2015 Paris Agreement on climate change is to limit global warming to well below 2 degrees C above preindustrial levels, and ideally to 1.5 degrees C. To achieve that 1.5-degree goal, greenhouse gas emissions must peak before 2025 at the latest and decline 43% by 2030. This target was informed by the scientific research carried out by the Intergovernmental Panel on Climate Change.

The nature corollary to the Paris Agreement, the Kunming-Montreal Global Biodiversity Framework signed in 2022, also takes 2030 as an anchor. Among its 23 targets that mention 2030 are:

Bringing the loss of areas of high biodiversity importance, including ecosystems of high ecological integrity, close to zero by 2030.

Conserving at least 30% of terrestrial, inland water, and coastal and marine areas, especially areas of particular importance for biodiversity and ecosystem functions and services, by 2030.

Many Issues Are Key to Both Climate and Nature/Biodiversity Frameworks

The companies that are addressing nature have done so by evolving their thinking to see nature and biodiversity as an umbrella term that encompasses climate change but also goes further. This has entailed expanding a sometimes-narrow definition of climate tech, or technologies designed to reduce greenhouse gas emissions, to include nature and biodiversity. Nature-based climate solutions can contribute up to 30% of the emissions mitigation needed to meet the Paris Agreement target, according to the International Union for Conservation of Nature, and they can provide resilience for physical climate impacts such as flooding and extreme heat. Protecting and restoring natural ecosystems, such as wetlands, mangrove forests and seagrass beds, can also address a range of other environmental issues, such as mitigating pollution and treating water.

Nature is more than climate. "Climate" is often used as a shorthand for climate change-related transition and physical risks and opportunities, whereas nature is a much broader concept that consists of four realms: land, ocean, freshwater and atmosphere, according to the Taskforce on Nature-related Financial Disclosures (TNFD). Climate change affects each of these realms, but expanding the focus to nature and biodiversity includes topics such as pollution other than greenhouse gases or whether supply chains may be sourcing materials from priority ecosystems. Companies are increasingly looking for climate solutions that also reduce nature and biodiversity loss.

The TNFD offers a starting place for those who are wondering how to get started. It builds on the Task Force on Climate-related Financial Disclosures (TCFD), making it easier to consider nature and climate topics side-by-side and to report in line with the TNFD, particularly for those who have already done a TCFD report.

Getting to those important 2030 targets requires that companies, governments and stakeholders have a common language around the impacts and dependencies on nature and biodiversity. The TNFD's core metrics are a promising solution.

Wherever possible, the TNFD is "harnessing synergies in framework design and stakeholder engagement to avoid repetition and maximize the prospects of achieving integrated climate-nature disclosures." When we compare the most recent version of the two frameworks, much of the TCFD's framing has been left intact.

Corporate Reporting on Nature and Biodiversity Is Sparse but Picking Up Steam

Despite this convergence of climate and nature, and their shared timeline of major change by 2030 to meet global goals, disclosures around nature risks and opportunities are massively under-reported, and commitments among the largest global companies related to addressing nature and biodiversity remain limited.

According to S&P Global Sustainable1 research, the most frequent commitment related to nature and biodiversity by companies is in response to the topic of deforestation. However, even for this most popular of nature topics, just 13% of S&P 500 companies have a deforestation-related commitment. Looking more broadly at a universe of 3,753 global companies assessed in the 2022 S&P Global Corporate Sustainability Assessment, no industry has more than half of the companies with a biodiversity or nature-related commitment of any kind. Across industries, the high-water mark is just 35% of companies that addressed nature or biodiversity, with electric utilities and food products companies leading the pack.

Related to the Global Biodiversity Framework's "30 by 30" target - or conserving 30% of the world's ecosystems by 2030 - S&P Global Sustainable1 research found that about 46% of the world's largest companies have at least one asset in a Key Biodiversity Area (KBA). This finding was made possible by overlaying our data sets of corporate physical assets onto protected areas and KBAs, information that is largely undisclosed by companies. The scale of activity occurring within KBA points to a significant challenge in meeting the 2030 goals.

However, change may be on the horizon. At the regional level, there are dozens of examples of jurisdictions where regulators or the private sector are engaging with biodiversity risks. In Brazil, banks are committing to engage meat packing plants to trace and monitor deforestation related to cattle, including their direct and indirect suppliers. Deforestation of the Amazon rainforest is a cause of severe loss to biodiversity and also worsens global warming by destroying one of the world's largest natural carbon sinks.

In Malaysia, the country's central bank undertook research with the World Bank Group that found that "in parallel to climate-related risks, nature-related risks can lead to economic and financial losses" and "based on loans to economic sectors, Malaysian banks are exposed to a broad range of nature-related physical and transition risks."

Malaysia and Brazil are two of the world's 17 megadiverse countries, which are nations that harbour a significant portion of the Earth's species - including a high number of species that are endemic, or not found elsewhere.

And at the global level, in July, the Financial Stability Board asked the IFRS Foundation to take over monitoring of TCFD reporting - seen as a sign of success for the TCFD effort because its new home is the top global body for financial reporting. The International Sustainability Standards Board (ISSB) published its first two standards on general sustainability reporting and climate reporting specifically, and now it is looking ahead to determine what topics to cover next. This summer the ISSB issued a consultation requesting feedback on future priorities, including biodiversity - one of three topics the ISSB has specifically asked for comment on.

With much-needed progress being made to elevate nature to the same level as climate, the September 2023 launch of the TNFD's framework could not come at a better time.

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Climate and nature action are inseparable and face the same urgent timeline

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Over the past couple of years, I have spoken with more than 100 corporate stakeholders - both investors and nonfinancial companies about nature and biodiversity.

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[Sep 14, 2023) Key Takeaways from the National OGSE Sustainability Plan (NOSP) SpeakOGA 2023 Talk by Ms Ilham Fadilah, VP of Corporate Strategy & Research, MPRC

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[Sep 14, 2023) Key Takeaways from the National OGSE Sustainability Plan (NOSP) SpeakOGA 2023 Talk by Ms Ilham Fadilah, VP of Corporate Strategy & Research, MPRC

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1. The National OGSE Sustainability Roadmap is in progress and will be launched by the MPRC soon – it plays a vital role in guiding our OGSE industry towards compliance with sustainability requirements.

2. Two national documents on accelerating the energy transition in Malaysia: National Energy Policy and National Energy Transition Roadmap (NETR).

3. BNM issued Climate Change and Principle-based Taxonomy (CCPT) in 2021 - used by financial sector stakeholders such as capital market players and intermediaries and analysts to guide investment and asset selection decisions and rating agencies in rating decisions. For the public sector, the document may serve as a guide for policy formulation and prioritisation alongside funds allocation.

4. Issues highlighted by the stakeholders during the Q&A session:

1. There's a gap in sustainability reporting assurance and audit processes for sustainability plans - not covered in and by MPRC - MPRC needs to consider what assurance should be added - who will approve the sustainability reporting in Malaysia?

2. Enquiry on bank/green financing requirements - FTSE Malaysia Index - what do banks need (financiers' requirements) from the PLCs and SMEs to fund/approve green initiatives? - different banks require different conditions from the PLCs and SMEs, thus making it hard for them to ask for loans from the banks - MPRC is currently engaging with the banks to meet the financial requirements.

3. What kind of data is needed to disclose carbon emissions?

5. The challenges and state of the Malaysian OGSE industry:

1. The Malaysian OGSE industry is highly fragmented, with 95% of the industry comprising SMEs.

2. The volume of local OGSE technology development could be higher, indicating limited R&D activity relative to the industry's size.

3. Only 36 OGSE patent families with local inventors were filed in the last five years, indicating relatively low innovation and patent activity.

4. The quality of local OGSE technology developed needs to be more widely regarded, suggesting room for improvement in technology and innovation.

5. There is a need for talent and technology development within the industry to enhance its competitiveness.

6. Trade promotion and export capacity building are areas where the industry can improve.

7. Improving financial strength, particularly in terms of working capital, is crucial for the sustainability and growth of OGSE businesses.

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[Sep 13, 2023] PETRONAS, Gentari, Amazon and AWS collaborate to intensify sustainability, decarbonisation initiatives

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[Sep 13, 2023] PETRONAS, Gentari, Amazon and AWS collaborate to intensify sustainability, decarbonisation initiatives

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1. PETRONAS, Gentari Sdn Bhd, Amazon, and Amazon Web Services (AWS) are partnering to promote sustainability and decarbonisation initiatives, including supporting Amazon's India transportation network's electrification through third-party delivery service partners.

2. Amazon plans to deploy 10,000 electric vehicles (EVs) in its India delivery fleet by 2025, with Gentari providing fleet management services for third-party delivery service partners. It also intends to assess Petronas' low-carbon and alternative fuel solutions for potential integration in mobility, stationary power applications, and carbon management.

3. AWS Asean is enhancing its partnership with PETRONAS and Gentari to promote sustainable development by fostering expertise and technology.

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(From left) Amazon Web Services (AWS) energy business development director Scott Sanderson, Petronas group technology and commercialisation vice president Aadrin Azly, Gentari Sdn Bhd chief executive officer (CEO) Sushil Purohit, Petronas project delivery & technology senior vice president Datuk Bacho Pilong, AWS global services vice president Uwem Ukpong, Petronas president and group CEO Tan Sri Tengku Muhammad Taufik, Gentari Sdn Bhd deputy CEO Shah Yang Razali, and AWS Asean managing director Conor McNamara.

KUALA LUMPUR (Sept 13): Petroliam Nasional Bhd (Petronas), Gentari Sdn Bhd, Amazon, and Amazon Web Services (AWS) will collaborate on sustainability and decarbonisation initiatives in the accelerated global energy transition.

The collaboration will see, among others, Gentari supporting the decarbonisation of Amazon's India transportation network by working with third-party delivery service partners to further electrify their transport vehicles.

Amazon has committed to deploying 10,000 electric vehicles (EVs) in its India delivery fleet by 2025. The collaboration will also involve Gentari providing EVs and accompanying fleet management services for Amazon's third-party delivery service partners.

Amazon intends to evaluate Petronas' low-carbon and alternative fuel solutions for potential integration in diverse areas such as mobility, stationary power applications and carbon management.

Petronas project delivery and technology senior vice-president Datuk Bacho Pilong said the company believes this is vital to support Asia's and the world's transition towards cleaner energy.

"We invite like-minded partners to join forces in strengthening a sprawling innovation ecosystem that can address the many challenges along our journey to actualise a sustainable future together," he said in a statement on Wednesday.

AWS Asean managing director Conor McNamara said the company is deepening its collaboration with Petronas and Gentari to support its shared goals of building a more sustainable world through nurturing expertise and technology.

"Together with Petronas and Gentari, and with our upcoming AWS region in Malaysia, we look forward to supporting businesses and communities to advance their climate and digitalisation ambitions with the latest cloud technology and talent development," he said.

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Petronas, Gentari, Amazon and AWS collaborate to intensify sustainability, decarbonisation initiatives

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KUALA LUMPUR (Sept 13): Petroliam Nasional Bhd (Petronas), Gentari Sdn Bhd, Amazon, and Amazon Web Services (AWS) will collaborate on sustainability and decarbonisation initiatives in the accelerated global energy transition.

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[Sep 11, 2023] PETRONAS says it needs regulations to support Scope 3 reporting

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[Sep 11, 2023] PETRONAS says it needs regulations to support Scope 3 reporting

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1. PETRONAS needs regulatory support to mandate emissions reporting across its value chain, following criticism for not disclosing Scope 3 emissions as part of its net-zero pledge. Chief Financial Officer Liza Mustapha explains that PETRONAS is paying attention to Scope 3 but face challenges measuring product usage.

2. Reporting challenges:

1. PETRONAS seeks assistance obtaining precise emissions data for Scope 3 reporting, requiring extensive consumer product use and disposal data.

2. Organisations should report third-party emissions from suppliers and vendors, gradually expanding to include client and consumer emissions. Options include primary data from suppliers or secondary data from published sources.

3. Reporting emissions of multinational corporations presents a geographic challenge, as over 70% of Petronas' revenue in 2022 came from outside Malaysia, with Singapore being the largest single-country buyer.

3. Greenwashing allegations:

1. PETRONAS' CO2 sequestration project, Kasarawri, aims to sequester 3.3 million tonnes of emissions, but Rimbawatch argues it only accounts for 0.9% of total 2022 emissions.

2. Despite establishing Gentari, a renewable energy arm, PETRONAS is still in its "investing stage" and has not generated enough earnings to attract potential partners.

3. PETRONAS focuses on decarbonisation through low-hanging fruit measures like methane emissions reduction and energy efficiency improvement, with carbon credits and offsets being seen as a last resort.

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In response to criticism for not disclosing its Scope 3 emissions as part of its net-zero pledge, Malaysia's national oil company Petronas says that it will first need regulatory support to mandate emissions reporting across its value chain.

"What we do not want is for (our vendors and customers) to start capturing data on their Scope 1 and 2 emissions ...just because that's what Petronas wants them to do," said the company's chief financial officer Liza Mustapha. "It's got to be something regulated, something that (they) feel is the right thing to do."

Speaking at a dialogue with international media last month, Liza explained that Petronas did not want to foster a system in which third parties rely on the oil giant to incentivise or compensate them for reporting their carbon emissions. Scope 1 and 2 refer to direct emissions and indirect emissions from energy purchased, respectively, while Scope 3 covers all other indirect emissions, including those related to the use of its products.

In other words, Petronas' Scope 3 emissions must account for the Scope 1 and 2 emissions of its customers and suppliers.

"It's not that we're ignoring Scope 3 because we do understand that it is important. The challenge is understanding how to measure someone (else's) utilisation of your product and ... not being able to control how they use your product," said Liza.

Environmental activists in Malaysia have criticised Petronas' failure to include Scope 3 emissions targets as part of its aspiration to achieve net-zero by 2050. In July, Malaysian environmental watchdog Rimbawatch also questioned the accuracy of Petronas' reported emissions, pointing out that although the company said it was as yet unable to fully measure its emissions, they had in fact reported their Scope 3 in their 2022 integrated annual report based on the emissions of the companies they have stakes in (known as the equity share approach) and can control (known as the operational control approach).

"Can we trust Petronas's emissions disclosures in general, noting that they have not received independent third-party verification, and that having this verification process is a standard practice by companies disclosing their emissions worldwide?" Rimbawatch asked in an open letter to the media. Petronas said that it is planning to get its Scope 1 and 2 emissions under the equity share approach assured by a third party beginning this year, with no fixed timeline for verifying Scope 3.

Petronas said in the same report, published in March, that it has "plans to validate its Scope 3 methodology and conduct external verification in subsequent years." Representatives of the oil major in April said that the group was taking a "progressive" or "stepped" approach towards measuring Scope 3.

When asked by Eco-Business, however, Liza acknowledged that it was difficult for the company to commit to a timeline for reporting Scope 3 as it depends on when its partners are able to report their Scope 1 and 2. "When [we can do it] is not up to Petronas," she said.

Reporting challenges

Petronas is not the only company struggling to secure accurate emissions data for Scope 3 reporting. "While most organisations can cover upstream emissions (from suppliers or vendors), collecting data for downstream emissions (from customers and product users) poses a significant challenge. This task requires extensive data on consumer product use and disposal," said Komathi Mariyappan, director of climate advisory firm, ClimatEra Consulting.

For practicality, organisations are advised to report third-party emissions beginning with their suppliers and vendors, and then to gradually extend their coverage to include client and consumer emissions in subsequent years, she told Eco-Business.

Based on the GHG Protocol Guidelines, there are several options to account for Scope 3 emissions. The preferred choice involves obtaining primary data directly from suppliers or vendors which corresponds to their Scope 1 and 2 emissions, said Komathi. An alternative is using secondary data from published sources. However, using industry average carbon emissions factors from studies or other databases risks yielding inaccurate results, she said.

There is an additional geographic challenge to reporting the emissions of multinational corporations. Although some 70 per cent of Petronas' production assets are located in Malaysia, its income by geographical region tells a different story: more than 70 per cent of Petronas' revenue in 2022 came from outside Malaysia, with Singapore being the largest single-country buyer at 13 per cent. The neighbouring country has proposed to make reporting emissions mandatory for non-listed companies starting 2025.

In Malaysia, there is no requirement yet for all companies to report their emissions. However, local stock exchange operator Bursa Malaysia has recently required that public-listed companies report their Scope 1 and 2 emissions, as well as a few categories under Scope 3, such as business travel, staff commuting and waste management, said Komathi.

"In the case of multinational corporations, it is common for companies to adhere to the sustainability mandates of their parent company or the country of origin. The parent company then extends these targets to its subsidiaries," Komathi told Eco-Business, adding that Malaysian companies are often obliged to align with or support their parent company, without much room for alternative options.

Petronas is one of several large Malaysian corporations that have agreed to collaborate with stock exchange operator Bursa Malaysia to help drive the adoption of environmental, social and governance standards via Bursa's Centralised Sustainability Intelligence Platform. The platform, which is being developed by Bursa in partnership with the London Stock Exchange Group, is aimed at enabling Malaysian corporations and their suppliers to calculate their carbon emissions impact.

Petronas has also signalled to its contractors in the oil and gas services and equipment industry that they need to start accounting for Scope 1 and 2 emissions, said chief executive officer Tengku Muhammad Taufik.

"We hope that with all the drives [to encourage emissions reporting] in Malaysia, insofar as making sure everyone is realising that they need to report and measure (emissions), that might hasten the journey (towards Scope 3 reporting for Petronas," said Liza.

Greenwashing allegations

Petronas was the first Southeast Asian oil company to set a net-zero target, which it announcedthe pledge in October 2020. However, its Net Zero Carbon Emissions 2050 (NZCE) pathway sets emissions reduction targets only for only Scope 1 and 2, which at 47.9 million tonnes of CO2 equivalent (MtCO2e) pales in comparison to the 307 (MtCO2e) of Scope 3 emissions using the operational control approach, Rimbawatch highlighted.

"The fact that Scope 3 accounts for the majority of Petronas's total emissions and that Petronas's NZCE 2050 does not include plans to reduce Scope 3 emissions, are not communicated clearly by Petronas in their net-zero marketing materials," the watchdog said.

Rimbawatch added that as a global oil and gas company and therefore a global polluter responsible for a significant share of the world's emissions, Petronas should not be leaving Scope 3 out of its net-zero targets. "Petronas' NZCE and associated marketing materials are exemplary of what the United Nations High-Level Expert Group has defined as greenwashing," said Rimbawatch.

At the media dialogue, Petronas' Taufik acknowledged the criticisms levelled against the company. "I know that the intent is pure. In fact, I laud the insights from these non-governmental organisations (NGOs)," he said. "But I think we need to engage in a more practical, open and realistic manner to actually have the solutions in place."

Petronas' answer to its Scope 1 and 2 emissions primarily hinges on its carbon capture and storage (CCS) initiatives, the most prominent of which is the Kasarawri CO2 Sequestration project offshore Sarawak, designed to sequester 3.3 million tonnes of emissions. Rimbawatch, however, pointed out that this represents just 0.9 per cent of Petronas' total 2022 emissions.

"Wouldn't re-directing the RM4.5 billion invested in the Kasawari project to the expansion of renewable energy capacity instead create more credible emissions reductions in Malaysia?" asked the watchdog.

Petronas has acknowledged that it needs to pivot towards renewable energy in the long run, but that its core business of hydrocarbon production is still needed for energy security. Last year, the oil company established a renewable energy arm, Gentari, which is pursuing opportunities in renewables, hydrogen and green mobility. But the group is still at an "investing stage" in renewables, said Taufik, and the operation has yet to generate significant enough earnings to attract potential partners.

"We already know consciously that in order to sustain Petronas, at some point we will transcend molecules, go into electrons, and become a superstore that has both," said Taufik. "But that is a capital-intensive exercise."

The company is also pursuing decarbonisation via "low-hanging fruit" like cutting methane emissions and improving energy efficiency. Petronas has previously invested in carbon credits via the Bursa Carbon Exchange, but paying for carbon offsets is viewed as a last resort, said Taufik.

"[Concerning] offsets, it's a bit nebulous right now. We see challenges around accreditation of those credits beign applied uniformly," he said, describe the carbon offset market as "a bit of a Wild West".

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Petronas says it needs regulations to support Scope 3 reporting

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As environmental activists question the validity of its reported emissions, Malaysian national oil company Petronas says it still faces challenges in fixing a timeline to report on Scope 3.

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[Sep 5, 2023] Collaboration between PETRONAS and TNB in Supporting Malaysia's NETR

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[Sep 5, 2023] Collaboration between PETRONAS and TNB in Supporting Malaysia's NETR

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1. PETRONAS and Tenaga Nasional Berhad (TNB) recently showcased their continuous collaborative commitment to supporting Malaysia's National Energy Transition Roadmap (NETR) at the Energy Transition Conference in Kuala Lumpur.

2. PETRONAS President, Tan Sri Tengku Muhammad Taufik, and TNB President, Dato' Indera Ir. Baharin Din held a document exchange of the Memorandum of Understanding (MoU) to explore carbon capture and storage technology for gas-fired power plants.

3. Carbon Capture, Utilisation, and Storage (CCUS) is identified as the 6th Energy Transition Lever in NETR.

4. PETRONAS and TNB will continue to leverage on each other's expertise towards decarbonisation and achieving Malaysia's net zero carbon emissions ambition by 2050.

5. NETR Phase 2 was also launched at the event by the Prime Minister, which entails the nation's energy transition initiatives following NETR Phase 1.

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[Sep 5, 2023] Transform the sustainability journey with TCS Zero Carbon Platform

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[Sep 5, 2023] Transform the sustainability journey with TCS Zero Carbon Platform

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TCS Zero Carbon Platform is a digital tool for organisations to set targets, monitor their carbon footprint, and lead actions towards net zero carbon emissions.

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TCS Zero Carbon Platform is a digital carbon emission management tool for organizations to allow setting of targets, monitoring of carbon footprint via interactive dashboard and a marketplace that enables leading through actions to reduce and offset carbon consumption towards net zero.

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The tool has been built based on International Energy Agency (IEA) and Malaysian Emission Calculation Factors.

With TCS Zero Carbon Platform, entire process is:

With TCS Zero Carbon Platform, traditional excel and email-based data collection, calculation and reporting are eliminated, and entire process is digitized, automation enabled and made real-time with pre-established configurations, roles and accesses.

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TCS Zero Carbon Platform | UN Global Compact Network Malaysia & Brunei

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TCS Zero Carbon Platform is a digital carbon emission management tool for organizations to allow setting of targets, monitoring of carbon footprint via interactive dashboard and a marketplace that enables leading through actions to reduce and offset carbon consumption towards net zero.

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[Sep 4, 2023] NIMP 2030 highlights the importance of ESG

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[Sep 4, 2023] NIMP 2030 highlights the importance of ESG

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1. The New Industrial Manufacturing Plan (NIMP) 2030, released on Sep 1, enhances ESG practices in Malaysia’s manufacturing sector.

2. The NIMP 2030 identifies ten action plans and three mission-based projects to accelerate sustainable practices, particularly in sectors like cement, metal, chemical, and petroleum, aiming to reduce emissions.

3. The document outlines three action plans for the electric vehicle ecosystem: launching locally manufactured EVs and implementing large-scale carbon capture, utilisation, and storage solutions.

4. NIMP 2030 aims to transform industrial estates into eco-industrial parks, reducing greenhouse gas emissions, waste, and natural resource usage.

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KUALA LUMPUR (Sept 4): One of the six goals of the New Industrial Manufacturing Plan (NIMP) 2030 that was released last Friday (Sept 1) is to enhance ESG (environment, social and governance) practices in Malaysia's manufacturing sector.

This is meant to de-risk the economy against ESG factors, increase Malaysia's attractiveness as an investment destination, and ensure Malaysia's exporters enjoy continued access to ESG-sensitive markets.

Additionally, by driving green manufacturing practices and transitioning towards net zero emissions, Malaysia can position itself as a leader in green solutions and develop new growth sectors.

A total of 10 action plans and three mission-based projects were identified in the NIMP 2030 in relation to this goal.

The action plans include accelerating the transition towards sustainable practices, especially in sectors that find it hard to reduce emissions, such as cement, metal, chemical and petroleum.

Decarbonisation pathways will be co-developed with industry players, and sectoral emissions levy for hard-to-abate sectors will be explored, among other matters.

A carbon policy will be introduced, which sets mandates and guidelines for a carbon accounting model to guide industry players to report their carbon emissions. It will also enable the implementation of a carbon pricing mechanism such as carbon taxes.

Meanwhile, an iESG framework is expected to be introduced to support manufacturing firms to adopt ESG practices. The framework will be aligned with ongoing global reporting standards and aided by tools such as the Simplified ESG Disclosure Guide for SMEs by the Securities Commission Malaysia and Capital Markets Malaysia.

More schemes to encourage energy efficiency and the adoption of renewable energy will be introduced.

The trend towards ESG globally presents opportunities for growth, which the NIMP 2030 also covers.

Three action plans were highlighted in the document, covering the EV (electric vehicle) ecosystem, carbon capture, utilisation and storage (CCUS), and a circular economy framework for the industry.

Projects identified under these plans include launching locally-manufactured EVs and deploying large-scale CCUS solutions.

The circular economy framework entails a shift away from the "take-make-dispose" model, in which raw materials are exhausted and waste produced. Instead, in a circular economy, "waste" is reused and recycled, and less raw materials are used.

Lastly, to shift towards green infrastructure, NIMP 2030 describes the transformation of industrial estates into eco-industrial parks that can reduce greenhouse gas emissions and the amount of waste and natural resources used. Principles of the circular economy are a central component of these parks.

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NIMP 2030 highlights the importance of ESG

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KUALA LUMPUR (Sept 4): One of the six goals of the New Industrial Manufacturing Plan (NIMP) 2030 that was released last Friday (Sept 1) is to enhance ESG (environment, social and governance) practices in Malaysia's manufacturing sector.

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[Aug 29, 2023] Malaysia's National Energy Transition Roadmap (NETR) Part 2: Energising the Nation, Powering our Future

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[Aug 29, 2023] Malaysia's National Energy Transition Roadmap (NETR) Part 2: Energising the Nation, Powering our Future

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Six Energy Transition Levers for economic opportunities and environmental impact reduction:

1. The most crucial lever is Energy Efficiency (EE) due to cost-effectiveness and resource optimisation promotion.

2. Renewable Energy (RE) provides diversification from traditional fossil fuels with sustainable energy sources.

3. Hydrogen is recognised for its potential as a clean energy carrier, especially in transportation.

4. Bioenergy lever utilises Malaysia's abundant biomass resources, offering economic value and cleaner energy.

5. Green mobility lever targets transportation emissions aligned with urbanisation trends.

6. Carbon Capture, Utilisation, and Storage (CCUS) tackles hard-to-abate industrial emissions, potentially repurposing Malaysia's petroleum facilities.

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[Aug 26, 2023] Maybank Introduces Values-based myimpact Credit Card

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[Aug 26, 2023] Maybank Introduces Values-based myimpact Credit Card

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1. Maybank's Sustainability Initiative: Maybank introduced the "myimpact" credit card to empower customers to make more sustainable life choices. The credit card is made from bio-sourced polylactic acid and includes unique features to promote sustainability.

2. Carbon Footprint Tracking: The myimpact credit card allows cardholders to track their carbon footprints and understand the environmental impact of their spending.

3. Rewards for Sustainable Choices: Cardholders are rewarded for making sustainable lifestyle choices and eco-purchases. Thus, it encourages customers to opt for environmentally friendly options in their spending habits.

4. Carbon Offsets: The credit card allows cardholders to offset their carbon footprints by contributing to various regional reforestation activities, hence supporting environmental preservation.

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[Aug 16, 2023] Bhutan Becomes the Country with Net Zero Carbon Emissions

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[Aug 16, 2023] Bhutan Becomes the Country with Net Zero Carbon Emissions

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1. Bhutan, a landlocked country in the Eastern Himalayas bordered by China to the north and India to the south, prioritises sustainable organic farming and forestry practices, accentuated by the reliance on hydropower and the prudent management of its main economic driver, tourism.

2. Bhutan charges tourists a $200 (RM928) sustainable development fee per day, underscoring the value placed on eco-tourism and environmental protection.

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Bhutan becomes country with ‘net zero carbon emissions’

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Bhutan is one among 196 nations that committed to Paris Agreement during the UN Climate Change Conference

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[Aug 16, 2023] Updates to the GHG Protocol Corporate Standard and Guidance: Public Inputs

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[Aug 16, 2023] Updates to the GHG Protocol Corporate Standard and Guidance: Public Inputs

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1. The GHG Protocol conducted public input on standards and guidance documents, reviewing key themes from stakeholders on the Scope 2 Guidance.

2. The GHG Protocol, co-convened by World Resources Institute (WRI) and World Business Center for Sustainable Development (WBCSD), is set to release revised text in 2024 and final standards and guidance in 2025.

3. Stakeholders have submitted critical points that they have requested to be shared publicly, including:

1. Update terminology used in the Corporate Standard to align with widely applied accounting frameworks.

2. Entities must report an entire Scope 3 category or select activities within the category when optionally reporting GHG emissions under the Corporate Standard.

3. Perform a risk assessment to assess the impact of double-claiming Scope 3 emissions among value chain entities, and if found a material risk, a cross-sector expert group is convened.

4. Clarify the Corporate Standard definition of “operational control” to encourage greater consistency in reporting climate goals and targets.

5. Provide more precise guidance in the Corporate Standard on selecting a base year and base-year emissions profile.

6. Require robust disclosures about material changes between current and prior year periods to ensure that companies provide meaningful information about emissions over time.

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The Greenhouse Gas (GHG) Protocol Corporate Standard and related guidance are widely accepted as leading sources for companies to use in quantifying and reporting their GHG emissions. Companies report GHG emissions for a number of reasons (both legally mandated and voluntary) and in a number of contexts. Accurate accounting and reporting is critical because inaccuracies in emissions reporting can potentially expose the reporting entity to several types of legal liability, as evidenced by the recent proliferation of lawsuits alleging "greenwashing" claims and increasing regulatory scrutiny in this area.

The Corporate Standard was first published in 2001 and was subsequently updated and re-published as a "revised edition" in 2004. It is often relied upon by businesses and other entities for the development and reporting of company-wide GHG emission inventories. The Standard details generally accepted GHG accounting and reporting principles, as well as how reporting entities should set organizational and operational boundaries, track emissions over time, account for direct and indirect GHG emission reductions, and verify and report GHG emissions, among other things. The GHG Protocol's Scope 2 Guidance (2015) and Corporate Value Chain (Scope 3) Standard (2011) were developed to be used in conjunction with the Corporate Standard.

Late last year, the GHG Protocol issued a memo and several surveys inviting public input on these standards and guidance documents and how they can be improved. Public input was taken through February 2023, and the GHG Protocol secretariat hosted a webinar on May 2, 2023 reviewing the key themes presented by stakeholders on the Scope 2 Guidance, which garnered the greatest number of survey responses.

Overall, key points in the responses submitted by stakeholders, who requested that they be shared publicly, include:

Update terminology used in the Corporate Standard to align with widely applied accounting frameworks, such as the US GAAP accounting standard, to drive consistent and comparable reporting.

Clarify whether, when reporting Scope 3 GHG emissions optionally under the Corporate Standard, entities must report an entire Scope 3 category, or if they can report only selected activities within the category.

Perform a risk assessment to determine whether the double-claiming of Scope 3 emissions (particularly reductions from intentional activities) among value chain entities that occupy the same segment of the value chain (e.g., multiple retailers) would materially inhibit progress against a 1.5 degree scenario, and, if the assessment determines a material risk, convene a cross-sector expert group to develop new Scope 3 guidance.

Clarify the Corporate Standard definition of "operational control" to encourage greater consistency in reporting on climate goals and targets that are expressed by reference to operational control boundaries.

Provide clearer guidance in the Corporate Standard on the selection of a base year and base-year emissions profile.

Require robust disclosures about material changes between current and prior year periods to ensure that companies are providing meaningful information about emissions over time.

According to the GHG Protocol, the aim of any updates to standards and guidance will be "to align with best practice approaches to ensure GHG Protocol standards for scope 1, scope 2 and scope 3 are effective in providing a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science-based and net-zero targets in line with the global 1.5°C goal."

The Protocol Secretariat is currently in the process of reviewing survey submissions and proposals and will develop specific workplans for each survey workstream. The GHG Protocol has a two-year timeline for the standards updates process, and the official start of this process will be informed by the planned restructuring of the GHG Protocol's governance-a process that is underway by the World Resources Institute (WRI) and World Business Center for Sustainable Development (WBCSD), the co-conveners of GHG Protocol. Thus, the GHG Protocol expects to release drafts of revised text in 2024 and final standards and guidance in 2025.

Copyright © 2023, Hunton Andrews Kurth LLP. All Rights Reserved. National Law Review, Volume XIII, Number 228

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Updates to the GHG Protocol Corporate Standard and Guidance: What to Expect

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Greenhouse Gas GHG Protocol Corporate Standard and guidance detail GHG accounting and reporting principles. Late 2022, GHG Protocol surveys public to improve standards and guidance documents. Protocol Secretariat reviews survey results to provide final standards in 2025.

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[Aug 13, 2023] Colorado’s Next Big Climate Solution is Reducing Industry Emissions

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[Aug 13, 2023] Colorado’s Next Big Climate Solution is Reducing Industry Emissions

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1. Colorado pioneered clean energy policies, limiting methane pollution, setting clean hydrogen standards, and expanding geothermal energy generation through regulations, grants, and consumer education.

2. It is introducing GEMM 2 rules (Greenhouse Gas Emissions and Energy Management for Manufacturing Phase 2) to regulate GHG emissions from major industrial facilities, aiming to set a new policy precedent.

3. GEMM 2 aims to reduce emissions of 18 industrial facilities, including Suncor Energy, Molson Coors, and Microchip Technology, by 20% by 2030.

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Energy Innovation: Policy and Technology

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Colorado’s Next Big Climate Solution Is Reducing Industry Emissions

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Colorado is implementing a groundbreaking plan to reduce greenhouse gas (GHG) emissions in an often overlooked but critical economic sector— industry.

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[Aug 11, 2023] Boosting sustainable productivity

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[Aug 11, 2023] Boosting sustainable productivity

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1. New Industrial Master Plan 2030 (NIMP 2030) emphasises productivity multipliers and enablers like improving ease of doing business, technology adoption, and talent development.

2. Malaysia Productivity Corporation (MPC) aims to boost investment, industry, and export productivity to support GDP growth, aligned with ESG and sustainability. It focuses on talent, technology, and regulations to enhance productivity comprehensively. It launched the Productivity Report 2023 (PR2023), which details Malaysia's productivity agenda and highlights achievements in competitiveness.

3. Malaysia's 12th Malaysia Plan (RMK12) targets 3.6% annual productivity growth and RM106,060 value added per employment by 2025.

4. Madani Economy Framework - aiming to be in the top 12 of the World Competitiveness Ranking, indicating the need for more transformative productivity growth to escape the middle-income trap. Malaysia improved to 27th in the World Competitiveness Ranking 2023 due to solid GDP growth and productivity recovery in 2022.

5. Prioritising employee well-being and standard of living can enhance productivity, employee performance, and profits.

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[Aug 10,2023] SunCon set to gain from sustainable energy segment

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[Aug 10,2023] SunCon set to gain from sustainable energy segment

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1. Sunway Construction Group Bhd (SunCon)'s projected earnings growth driven by ongoing and new projects, especially in the sustainable energy sector, and the potential impact of critical projects like the data centre and power plant developments.

2. Sustainable Energy Segment: About 7% of SunCon's total order book (RM420 million) is related to projects in the sustainable energy segment, including a 50MW solar power plant construction in Perak for Gopeng Bhd.

3. Song Hau 2 Power Plant Project: The project in Vietnam, worth RM6 billion, is awaiting financial close, which could contribute to a substantial earnings increase of 30-35% for SunCon in the financial years 2024 to 2025.

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PETALING JAYA: The ramp-up in progress of existing projects as well as new job wins driven by new opportunities in the sustainable energy segment is expected to support Sunway Construction Group Bhd 's (SunCon) earnings growth, going forward.

RHB Research expects the construction company's second-quarter 2023 (2Q23) core earnings to grow in the range of RM30mil to RM40mil from RM26mil in 1Q23, underpinned by the ramp-up in progress of projects that were in their early stages during 1Q23.

"The group's potential involvement in the Song Hau 2 power plant in Vietnam plus strong data centre demand in Malaysia may mitigate any downside risks from the local construction sector," the research house said in a report yesterday.

Apart from civil and infrastructure construction services, SunCon provides specialised foundation and geotechnical engineering services as well as mechanical, electrical and plumbing services.

Given that SunCon's RM1.7bil data centre job in Johor (about 30% of outstanding order book) just commenced works following the contract award in December last year, the group's core profit dropped by 44% quarter-on-quarter (q-o-q) in 1Q23.

"Despite some delays in the issuance of second and third notices to proceed by the client, this job is still well on track to be completed by the end of 2024, as project works ramped up over 2Q23," RHB Research said.

The research house said the group's jobs related to the sustainable energy segment make up about 7% (RM420mil) of its total order book (via five contracts).

As at the end of 1Q23, the job to construct a 50MW solar power plant in Perak for Gopeng Bhd has the largest outstanding order book value of RM166mil.

"The National Energy Transition Roadmap (NETR) may bring further opportunities in the form of engineering, procurement, construction and commissioning jobs for solar power plants, as a renewable energy zone has been earmarked as one of 10 flagship catalyst projects.

"The NETR's 10 flagship catalyst projects should generate a projected total investment of more than RM25bil," RHB Research said.

Additionally, the Song Hau 2 power plant project in Vietnam worth RM6bil is awaiting financial close, likely by September or October, which could drive SunCon's financial year 2024 (FY24) to FY25 earnings by 30% to 35%.

"Overall, we expect its job replenishment to remain steady, backed by its parent - note that 56% of its RM1.5bil year-to-date new job wins came from its parent," RHB Research said.

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SunCon set to gain from sustainable energy segment

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The ramp-up in progress of existing projects as well as new job wins driven by new opportunities in the sustainable energy segment is expected to support Sunway Construction Group Bhd's (SunCon) earnings growth, going forward.

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[Aug 10, 2023] 20 Biggest GHG Emitters in the World

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[Aug 10, 2023] 20 Biggest GHG Emitters in the World

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1. People's Republic of China (coal and cement only) (government-owned company): 8.683 ppm

2. Former Soviet Union (government-owned company): 7.053 ppm

3. Saudi Aramco, Saudi Arabia: 3.191 ppm

4. Chevron Corp., United States: 2.932 ppm

5. ExxonMobil Corp., USA: 2.747 ppm

6. BP, United Kingdom: 2.161 ppm

7. Gazprom, Russia: 2.13 ppm

8. National Iranian Oil Co., (NIOC), Iran: 1.897 ppm

9. Royal Dutch Shell, PLC, The Netherlands: 1.85 ppm

10. Poland (government-owned company): 1.568 ppm

11. Pemex (Petróleos Mexicanos), Mexico: 1.353 ppm

12. Petróleos de Venezuela SA, Venezuela: 1.107 ppm

13. Coal India Ltd., India: 1.095 ppm

14. ConocoPhillips, United States: 1.018

15. British Coal Corp., United Kingdom: 1.01 ppm

16. Peabody Energy, United States: 0.847 ppm

17. Russian Federation (excluding the Former Soviet Union) (government-owned company): 0.837 ppm

18. PetroChina, China: 0.783 ppm

19. Total SA, France: 0.78 ppm

20. Kuwait Petroleum Corp., Kuwait: 0.717 ppm

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[Aug 9, 2023] ESRS 🤝 ISSB: Sustainability Reporting Standards Combo

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[Aug 9, 2023] ESRS 🤝 ISSB: Sustainability Reporting Standards Combo

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Climate-related disclosure standards (as of the past weeks):

1. The International Sustainability Standards Board (ISSB) released their inaugural global sustainability disclosure standards.

2. The European Commission adopted its first set of European Sustainability Reporting Standards (ESRS).

3. UK announced plans to develop its own Sustainability Disclosure Standards (SDS) based on the ISSB standards.

The implications of the ISSB and the ESRS standards:

1. Both ESRS and ISSB standards apply a value-chain approach to sustainability disclosures.

2. The new standards seek to support the European Green Deal by making available data under a new reporting framework, the Corporate Sustainability Reporting Directive (CSRD).

3. The new disclosure rules define what qualitative and quantitative information companies should make available, demanding transparency around sustainability targets and metrics and accountability for sustainability governance, business strategy and sustainability.

4. First disclosures under the European Union's Corporate Sustainability Reporting Directive (CSRD) applying the new ESRS will have to be ready for the financial year 2024 in the reporting year 2025.

5. Priorities:

1. Strengthen sustainability governance: Disclosures around procedures, controls, and practices for overseeing and managing sustainability matters are central to ESRS and the ISSB’s standards

2. Determine materiality: The information disclosed is based on a company’s materiality assessment under ESRS and the ISSB’s standards.

3. Embed sustainability in business strategy: ESRS and International Financial Reporting Standards (IFRS) S1 emphasise the importance of connectivity between sustainability disclosures and financial statements and require integrating sustainability disclosures in financial reports.

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[Jun 26, 2023] PM rolls out nation’s energy transition roadmap

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[Jun 26, 2023] PM rolls out nation’s energy transition roadmap

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1. National Energy Transition Roadmap (NETR) and Hydrogen Economy and Technology Roadmap (HETR): Launched in Malaysia to achieve long-term energy security while considering environmental and economic sustainability.

2. NETR's Strategy and Initiatives: Outlines a comprehensive strategy and impactful initiatives.

3. Hydrogen Economy and Technology Roadmap (HETR): Complements NETR by facilitating environmentally sustainable, long-term energy security through technological innovation.

4. Climate Targets and NDC: Malaysia has revised its Nationally Determined Contribution (NDC) to reduce greenhouse gas emissions intensity by 45% by 2030 compared to 2005.

5. Electricity Interconnection and Integration: Interconnected electricity systems and renewable energy sharing are vital for meeting ASEAN's climate goals and sustainable development.

6. Clean Energy Investment Challenges: Developing economies face higher capital costs for clean energy projects due to perceived macroeconomic risks and limited capital markets.

7. Malaysia's Role: Malaysia aims to collaborate with neighbouring countries to strengthen interconnection and facilitate renewable energy sharing.

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MIDA | Malaysian Investment Development Authority

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PM rolls out nation's energy transition roadmap
26 Jun 2023
The National Energy Transition Roadmap (NETR) and Hydrogen Economy and Technology Roadmap (HETR), expected to be launched in the second half of the year, are aimed at ensuring Malaysia achieves long-term energy security, with environmental and economic sustainability in mind.

Prime Minister Datuk Seri Anwar Ibrahim said NETR would outline the overarching strategy and high-impact initiatives to expedite the energy transition efforts.

He said NETR would be complemented by the HETR, which will pave the way for the achievement of an environmentally sustainable, long-term energy security in Malaysia, driven by technological innovation.

"Malaysia continues to see natural gas as playing an important role in the energy mix and as one of the cleanest burning hydrocarbons, to transition towards a lower carbon economy.

"As part of the responsibilities of each nation toward overall global climate targets, we have revised our Nationally Determined Contribution (NDC) to reduce the intensity of greenhouse gas (GHG) emissions by 45 per cent by 2030 compared with 2005 levels," he said in his keynote address at the inaugural Energy Asia 2023 opening ceremony here today.

Anwar said efforts towards achieving the NDCs had been incorporated into the 12th Malaysia Plan (12MP) and the National Energy Policy 2022-2040 (NEP 2040).

Today, more than 75 per cent of the energy consumed in Asia comes from hydrocarbons and by 2030, Asia's demand for energy would be projected to double, he said.

"The challenge is, how do we meet that demand in a way that balances energy security, affordability and sustainability."

While some countries are preparing to transition to cleaner forms of energy, others are still struggling with access to complete electrification, clean cooking fuel and energy security.

"Affordability remains a key concern, particularly for parts of developing Asia where people are not looking too far into the future, but might simply be struggling to pay the bill for the next week and to put food on the table.

"Countries in Asia are not climate deniers and indeed Asia is showing positive signs of embracing the energy transition, but countries across the region are moving at a different pace."

Some of the largest economies in the region, namely, China, South Korea and Japan have committed to achieving net zero by the middle of this century, while India had set ambitious renewable energy targets, he said.

In Asean, he said, hydrocarbons would continue to be an important part of the energy mix to drive economic growth and development.

"Despite that, nine out of 10 countries in Asean have pledged net zero targets at COP26. However, net zero need not be a zero sum equation. It should not be one of lowering carbon emissions at the expense of economic growth or vice versa."

Instead, Asia must take every opportunity to hold further dialogues and take actions on how to responsibly plan to enable every country its right to development and lower carbon aspirations, he said.

He said electricity interconnection and integration would be crucial to facilitate the sharing of renewable energy resources, encourage investment and promote sustainable development within the Asean region, in meeting its climate goals and achieve decarbonisation.

With its strategic central location, Malaysia was committed to strengthening interconnection and collaboration with neighbouring countries for this purpose, he said.

"Investors and financiers will risk losing out in not turning towards Asia, which is endowed with vast amounts of natural resources, potential renewable energy and a growing population that is not averse to co-innovation and is increasingly appreciative of a green economy.

"In light of this, there is further potential for the region to develop as a player in the net zero value chain in as much as the rich biodiversity resources and a high percentage of forest cover offer abundant nature-based solutions."

He said there was an opportunity to develop the rare earth minerals and establish a conducive ecosystem to strengthen the supply chain, in addition to developing opportunities through hydrogen and Carbon Capture and Storage (CCS), with the innovation of batteries and electric storage well underway.

Anwar said these resources and potential require access to financing, technology and innovation, the right policy frameworks, and skill sets for the future. He said achieving the climate goal for the region would require significant traction in clean energy investment.

"Yet developing economies face higher costs of capital for clean energy projects due to the perception of higher macroeconomic risk and absence of deep capital markets.

"These are areas where stronger collaboration - between the region and the rest of the world, between industries and sectors - is absolutely necessary to realise crucial energy and climate ambitions.

"Considering these challenges, Malaysia is determined to be well-positioned to play our part in reducing emissions while ensuring that we are ready for the growth of the low carbon economy."

Themed "Charting Pathways for a Sustainable Asia", the three-day conference held until Wednesday is aimed at driving actionable solutions that will result in a just and responsible energy transition across the region.

Source: NST

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PM rolls out nation's energy transition roadmap

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The National Energy Transition Roadmap (NETR) and Hydrogen Economy and Technology Roadmap (HETR), expected to be launched in the second half of the year, are aimed at ensuring Malaysia achieves long-term energy security, with environmental and economic sustainability in mind. Prime Minister Datuk Seri Anwar Ibrahim said NETR would outline the overarching strategy and high-impact [...]

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US EPA's Simplified GHG Emissions Calculator

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US EPA's Simplified GHG Emissions Calculator

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The EPA Simplified GHG Emissions Calculator is designed as a simplified calculation tool to help small business and low emitter organizations estimate and inventory their annual greenhouse gas (GHG) emissions. The calculator will determine the direct and indirect emissions from all sources at an organization when activity data are entered into the various sections of the workbook for one annual period.

Download as an Excel file: Calculator Tool (xlsm)

Excel Version: The Simplified GHG Emissions Calculator uses the XLOOKUP function that is only supported by the following versions of Excel. It is recommended to update Excel to the latest version if an error is encountered during use.

Excel 2021 or later (PC and Mac)

Excel for Microsoft 365 Subscriptions (PC and Mac Versions)

Excel Online

Macros: The Simplified GHG Emissions Calculator uses macros for navigation within the tool using the buttons and are safe to employ. To use the calculator, please ensure that macros are enabled:

Windows: Navigate to the "Trust Center" in the "Options" menu, then select Trust Center Settings > Macro Settings > Enable VBA macros.

Mac OS: Select "Enable macros" in the dialog box that appears when opening the file.

Users may also need to unblock macros to use the calculator by right clicking on the file and checking "Unblock" at the bottom of the General tab. For further information, please see the Microsoft support link for enabling/disabling macros.

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Simplified GHG Emissions Calculator | US EPA

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Use EPA's Excel-based calculator to estimate a small business or low emitter organization's GHG emissions.

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Our system is designed with your security as the utmost priority. We secure your data by protecting your access, the data in storage and data in transit. Controls and procedures are in place that exceed the standards recommended by PCI-DSS as well as other industry standards and practices.

We conduct our own scans regularly across all our production environments, looking for missing patches and vulnerabilities. A certified independent third party scans all our production environments quarterly to ensure there is no penetrations.

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Carbon Accounting - Pantas Climate Solutions

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The Carbon Action Module is a comprehensive carbon management solution embedded with EcoVadis Ratings, designed to scale globally and drive performance improvement.

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Open-es | Companies, Procurement and Banks together for Sustainability

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The digital platform dedicated to companies engaged in the challenge of the energy transition