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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, SMEs, 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. SMEs 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 MSMEs 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 MSMEs.

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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Events to be added later into the Teams Channel’s calendar

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Events to be added later into the Teams Channel’s calendar

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26 Jan International Day of Clean Energy

02 Feb World Wetlands Day

11 Feb International Day of Women and Girls in Science

20 Feb World Day of Social Justice

01 Mar World Seagrass Day

03 Mar World Wildlife Day

08 Mar International Women's Day

21 Mar International Day of Forests

22 Mar World Water Day

30 Mar International Day of Zero Waste

02 Apr World Autism Awareness Day

21 Apr World Creativity and Innovation Day

22 Apr International Mother Earth Day

28 Apr World Day for Safety and Health at Work

20 May World Bee Day

21 May International Tea Day

22 May International Day for Biological Diversity

05 Jun World Environment Day
08 Jun World Oceans Day
12 Jun World Day Against Child Labour

20 Jun World Refugee Day

27 Jun Micro-, Small and Medium-sized Enterprises Day
09 Aug International Day of the World's Indigenous Peoples

19 Aug World Humanitarian Day

07 Sep International Day of Clean Air for Blue Skies

16 Sep International Day for the Preservation of the Ozone Layer

18 Sep International Equal Pay Day
21 Sep International Day of Peace

02 Oct World Habitat Day
02 Oct International Day of Non-Violence
10 Oct World Mental Health Day [WHO]

14 Oct World Migratory Bird Day [UNEP]

25 Nov International Day for the Elimination of Violence against Women

26 Nov World Sustainable Transport Day
03 Dec International Day of Persons with Disabilities

09 Dec International Anti-Corruption Day

10 Dec Human Rights Day
11 Dec International Mountain Day

20 Dec International Human Solidarity Day

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

Economy

1. 4.0%-5.0% Real GDP growth, 2024

2. 2.1%-3.6% Headline inflation, 2024

3. 3.4% Unemployment rate, 2024

Rakyat

1. Aid: RM10 billion allocation for Rahmah Cash Aid (STR) to benefit 9 million recipients. Maximum rate increased from RM3,100 to RM3,700.

2. Affordable housing: RM10 billion allocated to the Housing Credit Guarantee Scheme, benefiting 40,000 borrowers.

3. Employment: RM6.8 billion allocation for TVET education, including RM1.6 billion for HRD Corp to train 1.7 million workers.

Digital

1. High-Growth, High-Value: RM1.5 billion by GLCs and GLICs to encourage startups to venture into the digital economy, space technology, electronics, and electrical (E&E).

2. Cybersecurity: BNM to develop a National Fraud Centre (NFC), expected to be completed in mid-2024.

3. Digital startup: To develop MYStartup platform optimising RM200 mn fund under various funding agencies and venture capital.

Tax

1. Service tax increases from 6% to 8%.

2. Global minimum tax to be implemented in 2025 for companies with a global income of at least EUR750 mn.

3. e-Invoicing to be fully implemented by July 2025.

4. Capital gains tax will be imposed at 10% on unlisted shares from 1 March 2024.

Investment and Trade

1. MSME development: RM44 billion in loans and financial guarantees to MSMEs.

2. New Industrial Master Plan 2030: RM200 million initial fund to implement the planned programmes and initiatives.

3. Public infrastructure: Multi-billion projects such as LRT3, Sabah Pan Borneo, and Sarawak-Sabah Link Road.

Subsidy

1. Diesel subsidy to be rationalised in stages.

2. Chicken and eggs will see temporary price controls removed, enabling sustainable market supply.

Sustainability

1. RM200 billion to be provided by financial institutions to encourage low-carbon economic transition.

2. RM2 billion allocation for Fund to Facilitate National Energy Transition.

3. RM1 billion issuances of biodiversity sukuk.

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Rakyat
Aid
RM10 bn allocation for Rahmah Cash Aid (STR) to benefit 9 million recipients

Maximum rate increased from RM3,100 to RM3,700
Affordable housing
RM10 bn allocated to the Housing Credit Guarantee Scheme, benefiting 40,000 borrowers
Employment
RM6.8 bn allocation for TVET education inclusive of RM1.6 bn for Human Resources Development Corporation (HRD Corp) to train 1.7 million workers

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Budget 2024 emphasises the importance of striking a balance between undertaking fiscal reforms and supporting economic growth while safeguarding the rakyat's well-being.

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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:

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

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

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

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

4. 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.

5. 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 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, 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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[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 23, 2023] Human Resources Ministry: WRO on Supermax withdrawn thanks to compliance enforcement

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[Sep 23, 2023] Human Resources Ministry: WRO on Supermax withdrawn thanks to compliance enforcement

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1. The United States Customs and Border Protection Department (US CBP) withdrew the Withhold Release Order (WRO) on Supermax Corporation Sdn Bhd and its subsidiaries due to the company's initiatives and enforcement measures by the Human Resources Ministry (KSM).

2. Malaysia was relieved the company could resume rubber glove exports to the US market effective Sep 18, 2023.

3. The WRO was imposed on Oct 21, 2021, due to 10 out of 11 indicators of forced labour practices in the company's operations, including the illegal deduction of wages and non-conducive accommodation.

4. Peninsular Malaysia Labour Department conducted statutory inspections on the company, revealing a remediation plan involving 1,957 foreign workers, amounting to RM25.67 million.

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Human Resources Ministry: WRO on Supermax withdrawn thanks to compliance enforcement

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PUTRAJAYA: The United States Customs and Border Protection Department (US CBP) withdrawal of its Withhold Release Order (WRO) imposed on Supermax Corp...

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[Sep 22, 2023] Illegal for employers to retain staff passports

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[Sep 22, 2023] Illegal for employers to retain staff passports

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1. The action by employers or local agents to withhold the passports of migrant workers is a breach of international law and local act under Section 12(1)(f) of the Passports Act 1966, where an employer cannot take possession of an employee’s passport unless it is for a specific reason such as visa renewal.

2. Consequently, the workers would be unable to move around freely on their off days, leading to mental anguish in the long term. They also face difficulty seeking help from Malaysian authorities if they are exploited.

3. Government authorities can retain the passport for investigation, prosecution of an offence, or identity verification if needed.

4. It is suggested that mandatory insurance be required to ensure migrant workers who wish to leave their employment for any reason can do so, as the insurance policy will compensate for the financial losses incurred by the employer.

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Illegal for employers to retain staff passports

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PETALING JAYA: Two lawyers have urged authorities to look into the plight of migrant workers who are being forced to surrender their passports in retu...

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[Sep 20, 2023] Measuring What Matters: A Deep Dive into Calculating Financed Emissions

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[Sep 20, 2023] Measuring What Matters: A Deep Dive into Calculating Financed Emissions

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1. CDP and PCAF collaborate actively to standardise the data quality scoring for GHG emissions and harmonise the approach to measure and disclose them.

2. CDP and PCAF developed the Data Quality Scoring Guide. To CDP, 7 is the highest score, while 1 is the lowest. In contrast, PCAF set 1 as the highest score and 5 as the lowest.

3. We need to understand and differentiate data quality. Also, physical activity data is more accurate than revenue activity-based data.

4. During the Q&A sesh, stakeholders and financiers asked the following questions:

1. How do we calculate/measure the Scope 3 emissions without proxy data?

1. CDP: besides revenue, use a financial indicator similar to revenue.

2. PCAF: we should refer to PCAF's Option 2A (revenue) and Option 3B and 3C (geographical aspect). Refer to Chapter 10 if Option 3A is unavailable.

2. A concern about double counting is raised.

1. CDP: double counting is unavoidable. However, the data quality will improve as soon as the methodology improves. Accordingly, double counting will decrease.

2. PCAF: Double counting occurs in Scope 2 and 3 in GHG counting. Don't mix the scopes; it's best to report them separately. Transparency of data sharing and scope calculation are encouraged.

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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. Petroliam Nasional Bhd (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 13, 2023] PETRONAS to unlock collaborative transition into energy space

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[Sep 13, 2023] PETRONAS to unlock collaborative transition into energy space

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1. PETRONAS' Senior Vice President Datuk Bacho Pilong emphasises the need for continued and strengthened collaboration between countries and corporations to attract investments for scaling up and deploying decarbonisation solutions.

2. Bacho emphasises the importance of financing, liquidity, and green financing for the energy transition in the region, including flexible grants for oil and gas players.

3. The Petronas Activity Outlook for 2022-2025 predicts a positive outlook for drilling rigs, well-service activities, and underwater services, emphasising the importance of maintaining offshore facility integrity.

4. Bacho highlighted the need for a future-ready talent pipeline to support the anticipated workforce demand in 2025's turnaround activities.

5. PETRONAS is enhancing its decarbonisation efforts, including zero routine flarings, energy efficiency, electrification, and carbon capture and storage (CCS), to reduce carbon emissions, particularly in gas reservoirs.

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KUALA LUMPUR (Sept 13): Petroliam Nasional Bhd (Petronas) will ensure that it is on track to unlock a more coherent, calculated and collaborative transition into the energy space, where oil and gas continue to be part of the solution.

Petronas project delivery and technology senior vice president Datuk Bacho Pilong said a strong push for countries and corporations to work together on an effective collaborative model must be continued and strengthened to attract investments that make the scaling-up and deployment of decarbonisation solutions a viable effort.

"For the industry players and policymakers, a concerted effort to widely adopt these solutions will create a positive technical and economic ecosystem for implementation across industries," he said in his keynote address at the Oil and Gas Asia 2023 (OGA 2023) conference and exhibition here on Wednesday. The event runs from Sept 13-15 at the Kuala Lumpur Convention Centre.

In this space, Bacho said the role of financing, liquidity and green financing is equally important to build capability towards the energy transition in the region.

"Flexible grants to oil and gas players, for example, would certainly serve as an incentive to expand and encourage technology development that addresses current demands, and at the same time, create more opportunities for small and medium-sized enterprises to pioneer innovative business models or expand internationally," he added.

Bacho said the impact of proactive support from all financial institutions in securing green financing schemes - particularly to smaller but equally important players supporting the energy transition - should not be underestimated.

The Petronas Activity Outlook for 2022-2025 highlights that its outlook remains positive for drilling rigs, well service activities and underwater services, due to the necessity of maintaining the integrity of offshore facilities, he added.

Bacho said there were also upcoming turnaround activities planned for 2025, where a huge workforce is expected to be in demand.

Looking at this, he stressed that a future-ready talent pipeline needs to be nurtured to support these growing requirements.

"The need to address unresolved talent issues within our industry is crucial. The industry must come together to excite new recruits, reaching them early by instilling interest in science, technology, engineering and mathematics (STEM) to create a steady pool of skilled workforce for the industry.

"I encourage all of you to tap on Technical and Vocational Education and Training infrastructures locally and within the region to align talent and industry needs," he said.

Failing to address these issues could affect critical areas such as health, safety and environment, quality, and integrity, added Bacho.

On another note, he said Petronas has deployed solutions to mitigate and reduce emissions through cleaner and more sustainable technologies and practices achieved through collaboration, rather than demonising the energy source (hydrocarbon) itself.

These initiatives were via collaborations with Petronas' production sharing contracts (PSC) partners, technology providers, and support from state and federal government agencies, noted Bacho.

Petronas remains steadfast in strengthening its core portfolio while pursuing its growth strategy and sustainability agenda at pace, and with resilience through solutions via strategic platforms and partnerships.

"Within our core business, we are intensifying our efforts across our key decarbonisation levers - zero routine flarings and venting; energy efficiency; electrification; and carbon capture and storage (CCS).

"CCS holds immense potential as a key enabler for reducing carbon emissions, especially those naturally occurring in gas reservoirs," said Bacho.

The event attracted 2,000 local and foreign companies, seven international pavilions from South Korea, Germany, Singapore, the United Kingdom, China, Italy, and the United States; as well as over 25,000 visitors from more than 60 countries.

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Petronas to unlock collaborative transition into energy space

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KUALA LUMPUR (Sept 13): Petroliam Nasional Bhd (Petronas) will ensure that it is on track to unlock a more coherent, calculated and collaborative transition into the energy space, where oil and gas continue to be part of the solution.

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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 | UN Global Compact Network Malaysia & Brunei (ungcmyb.org)

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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[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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[Aug 30, 2023] PETRONAS' Sustainability Highlights

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[Aug 30, 2023] PETRONAS' Sustainability Highlights

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1. GHG Emissions: PETRONAS recorded a 3% increase in Q2 2023 GHG emissions for Malaysia operations, primarily due to increased refinery production, and expects to meet near and mid-term emissions targets through reduction projects.

2. PETRONAS' Social Impact Investment: PETRONAS contributed RM300m in 1H FY2023, aiding 1.1m beneficiaries, and RM190m in Q2, benefiting over 670,000 people worldwide, including Malaysia. Programmes focused on education, community well-being, and environmental sustainability, contributing to Malaysia and its countries.

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KUALA LUMPUR, 30 August 2023 - For the first half of 2023 (1H FY2023), PETRONAS delivered steady performance amid a marked decline in energy prices, recording a revenue of RM 170.3 billion - a marginal decrease from RM 170.4 billion in the same period last year. The Group recorded Profit After Tax (PAT) of RM 40.2 billion, a decrease of 13 per cent, mainly attributable to lower average realised prices.

For the second quarter ended 30 June 2023 (Q2 FY2023), revenue decreased by 13 per cent to RM 79.9 billion amidst a low-price environment as compared to Q2 FY2022. PAT dropped by 29 per cent to RM16.4 billion from RM 23.0 billion in tandem with the lower revenue.
First Half FY2023 (Analysis against First Half FY2022)

Revenue stood at RM 170.3 billion, as compared to RM 170.4 billion last year. This is mainly due to lower average realised prices for major products in line with the lower benchmark prices, partially offset by improved sales volumes mainly from petroleum and petrochemical products and favourable foreign exchange impact.

PAT decreased by RM 6.2 billion mainly due to lower average realised prices.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM 70.5 billion in line with lower profit.

Cash Flows from Operating Activities (CFFO) stood at RM 57.8 billion, lower by seven (7) per cent compared to RM 62.4 billion previously, in line with profits generated during the period.

Capital Investments (CAPEX) amounted to RM 21.4 billion, mainly attributable to Upstream and Gas Business projects. Domestic CAPEX increased by 48 per cent against the same period last year mainly for investments in the Nearshore Floating LNG Project (ZLNG) in Sabah and the Kasawari Gas Field Development in Sarawak.

Total Assets strengthened to RM 742.0 billion as at 30 June 2023 compared to RM 710.6 billion as at 31 December 2022.

Shareholders' equity increased to RM 410.0 billion as at 30 June 2023 compared to RM 401.6 billion as at 31 December 2022 primarily due to profit attributable to shareholders recorded during the period.

Q2 FY2023 (Analysis against Q2 FY2022)

Revenue stood at RM 79.9 billion due to lower average realised prices for all products, partially offset by improved sales volumes mainly from petroleum and petrochemical products and favourable foreign exchange impact.

PAT was at RM 16.4 billion, in tandem with lower revenue, partially offset by lower taxation.

EBITDA stood at RM 32.0 billion, a decrease of RM 11.1 billion, in line with lower profit.

CFFO stood at RM 32.3 billion, lower by RM 2.2 billion in line with lower profits for the period.

PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik said:

"The Group has resolutely progressed in our initiatives to sustain business performance despite contending with a volatile price environment in the first half of 2023. These efforts emphasized operational and commercial excellence across our value chain, sustaining upstream production and fulfilling our commitments to provide reliable energy to customers.

"Looking ahead, we expect to face increasingly difficult headwinds, including a bearish energy market for the rest of the year on the back of slowing global economic activity. Despite near term challenges, we will continue to focus on future-proofing the organisation for the long term. This will mean scaling up investments in our core business, even as we lower emissions while investing in cleaner energy to ensure the robustness of the Group's portfolio, aligned to our Energy Transition Strategy.

"PETRONAS believes the right thing to do is to double-down on building resilience in order to deliver long-term sustainable value as a national oil company, and grow as a global energy player."
Outlook
Oil and gas prices remain volatile, influenced by persistent economic headwinds and energy security concerns. Amidst these challenges, PETRONAS remains resolute in delivering energy responsibly in support of its growth and sustainability agenda, both in Malaysia and internationally.
Reference
Click here to view PETRONAS Group Financial Report

Click here to view PETRONAS Group Financial Operational Report

Refer Appendix for Sustainability & Social Impact and Operational Highlights
APPENDIX SUSTAINABILITY HIGHLIGHTS Greenhouse Gas (GHG) Emissions
As of Q2 2023, PETRONAS recorded cumulative GHG emissions of 23.04 million tonnes of carbon dioxide equivalent (Mil tCO ₂e) for Malaysia operations (Q2 2022: 22.42 Mil tCO ₂ e). An increase of three per cent was recorded for the period, mainly due to increase in production at Downstream refineries.

Overall, PETRONAS expects to be on target to meet near- and mid-term emissions targets - as described in NZCE 2050 Pathway, delivered through existing and planned emissions reduction projects.
PETRONAS' Social Impact Investment
For 1H FY2023, PETRONAS has contributed close to RM300 million towards its Social Impact efforts, aiding 1.1 million beneficiaries. During Q2 FY2023, PETRONAS contributed nearly RM190 million for the same efforts, benefitting over 670,000 people worldwide, including in Malaysia.

A significant portion of this contribution was focused on Education, including the PETRONAS Education Sponsorship Programme, the Young Technologist Programme and Program Duta Guru.

PETRONAS is committed to giving back to Malaysians and the countries where we operate toward Uplifting Lives (Community Well-being and Development), Powering Knowledge (Education) and Planting Tomorrow (Environment).
OPERATIONAL HIGHLIGHTS Upstream

Recorded a total daily production average of 2,425 thousand barrels of oil equivalent (boe) per day in 1H FY2023, comparable to 2,425 thousand boe per day recorded in 1H FY2022.

Achieved first hydrocarbon for 11 projects - seven in Malaysia and four overseas.

Achieved final investment decision (FID) for 12 projects - nine in Malaysia and three overseas.

Made five oil and gas discoveries in five blocks off the coast of Sarawak, Malaysia.

Signed a Farm Out Agreement for the sale of PETRONAS Carigali Sdn Bhd's 50 per cent non-operating participating interest in the Samarang Production Sharing Contract (PSC) with SMJ Sdn Bhd on 5 April 2023.

Signed a PSC for the Agua Marinha exploration block located in the Campos Basin, offshore Brazil with Petrobras, TotalEnergies and QatarEnergy on 31 May 2023.

Signed a Development Agreement (DA) to pursue a Carbon Capture and Storage project in Malaysia with TotalEnergies Carbon Neutrality Ventures and Mitsui & Co. Ltd on 26 June.

Attained Approvals in Principle (AiPs) for four jointly developed liquefied carbon dioxide (LCO2) carriers and LCO2 floating storage and offloading (FSO) units with Mitsui O.S.K. Lines, Ltd. and Shanghai Merchant Ship Design & Research Institute on 28 June.

Gas

Delivered 200 LNG cargoes from PETRONAS LNG Complex (PLC) in Bintulu and 19 LNG cargoes from PFLNG Satu and PFLNG Dua to customers across the globe.

2,214 million standard cubic feet per day (MMscfd) of average sales gas volume delivered in Peninsular Malaysia.

Overall Equipment Effectiveness (OEE) for Gas Business stood at 96.3 per cent across all business segments.

Completed 2,760 Virtual Pipeline System and LNG Bunkering deliveries in Malaysia to remotely located customers and to the marine industry.

Continues to undertake decarbonisation efforts to reduce GHG emissions across its operations, including flaring reduction at PLC and Gas Processing & Utilities (GPU), optimisation of fuel gas consumption via a digital initiative U-RTO (Utility Real Time Optimiser) at PLC to deliver operational efficiency, and adoption of simulation modelling for plant operations at GPU to minimize fuel consumption while meeting customers' needs.

Downstream

Downstream achieved improved operational performance with OEE surging to 89.0 per cent from 79.5 per cent, and plant utilisation reaching 84.4 per cent from 71.8 per cent in the same period last year.

Overall marketing segment recorded sales of 12.8 billion litres, a 6.7 per cent increase from the corresponding period last year of 12.0 billion, mainly contributed by PDB's retail and aviation sectors.

Chemicals business recorded plant utilisation of 89.1 per cent, significantly higher than 79.2 per cent in the corresponding period last year, contributing to higher production volume and sales volume of 4.9 million metric tonnes.

PCG reached the FID to fully acquire Maleic Anhydride (MAn) plant in Gebeng, Kuantan from BASF PETRONAS Chemicals Sdn. Bhd. The plant will be able to produce refined MAn by 2H FY2025 and will broaden PCG's product portfolio to tap larger derivatives market.

PETRONAS will provide HVO100, a second-generation biofuel, to Mercedes-AMG PETRONAS Formula One Team's fleet of trucks that transport all the freight required for the races in Europe this summer. HVO100 is fully renewable and made from sustainably sourced materials and is expected to reduce the partners' greenhouse gas emissions by up to 90 per cent.

PETRONAS Dagangan Berhad (PDB) collaborated with various aircraft Original Equipment Manufacturers and signed Memorandum of Understandings with Helicopters Service Providers on 23 May 2023 for upstream operations to advance sustainable aviation fuel (SAF) research and development in Malaysia, with the aim to establish SAF as a commercially viable option for the industry.

PDB also signed a SAF offtake agreement on 25 May 2023 to supply more than 230,000 tonnes of SAF to Malaysia Aviation Group's airlines, with the first delivery expected to commence from 2027. The partnership offers an opportunity to capitalise on PETRONAS' entire value chain, which includes every facet of SAF production and distribution from its Melaka refinery.

OTHER BUSINESS HIGHLIGHTS Gentari Sdn Bhd
Signed several Strategic Collaboration Agreements (SCAs) and Memorandum of Understanding (MoUs) with domestic, regional and international partners to explore collaborations in the development and deployment of clean energy solutions including renewable energy projects, the production, supply and transportation of low-carbon hydrogen, renewable energy trading, and EV charging networks, ecosystems and energy-as-a-service opportunities.

Achieved the following milestones under its three core offerings:
Renewables

Achieved 200 MW renewable energy capacity in operations and under development in Q2 2023, with a total cumulative 2.0 GW in operations and under development, of which 1.5 GW is installed capacity.

Signed a Joint Feasibility Study Agreement (JFSA) with Tenaga Nasional Bhd to explore a green hydrogen supply chain for Peninsular Malaysia.

Signed MoU with SEDC Energy Sdn Bhd for collaborative studies to develop low carbon hydrogen to support the Kuching Urban Transportation System (KUTS) and a hydrogen hub in Bintulu.

Successfully obtained approval from the Tamil Nadu State Government in India on an investment proposal to construct green hydrogen and green ammonia facilities.

Green Mobility

Collaborated with Permodalan Nasional Berhad (PNB) for their first batch of electric vehicle (EV) charging points (CPs) in Kelantan. The collaboration will see 59 units of EV CPs installed at 18 of PNB Group's properties throughout Malaysia by the end of 2023.

Achieved cumulative installation of 331 CPs across Malaysia, India and Thailand. In addition, 898 EVs have been deployed under the Vehicle-as-a-Service (VaaS) offering across Malaysia and India.

In partnership with EV Connection Sdn Bhd and Green EV Charge Sdn Bhd (a subsidiary of Yinson GreenTech), activated a roaming network which enables customers to cross-access CPs using Setel, JomCharge and chargEV mobile applications seamlessly.

Signed MoUs with JLand Group Sdn Bhd, Lotus Cars Malaysia and Sunway Group with the aim to develop green mobility infrastructure across residential, commercial and industrial facilities throughout the country.

MISC Berhad
The MISC Group achieved the following milestones:

Unveiled its Newbuild FPSO (NBFPSO), known as MMEGA (Mega-Module Engineering & Green Architecture) on 2 May 2023. It is the world's first NBFPSO that uses the Mega-Module topsides and incorporates sustainable technologies into the design, which makes it one of the largest and greenest in the market.

Signed milestone Collaboration Agreements with WinGD and DNV through its entities AET and Malaysian Maritime Academy Sdn Bhd respectively on 20 June 2023. These agreements are focused on formulating a comprehensive training syllabus to enhance maritime capabilities in the safe management of zero-emission ammonia engines within the industry.

Malaysia Marine and Heavy Engineering Holdings signed an MoU with Uzma Berhad on 3 July 2023 to develop comprehensive services, including floater conversion and modification as well as renewable energy solutions, to meet the increasing demands of the energy industry.

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PETRONAS Records Steady 2023 Half-Year Performance Amid Weaker Energy Prices

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KUALA LUMPUR, 30 August 2023 - For the first half of 2023 (1H FY2023), PETRONAS delivered steady performance amid a marked decline in energy prices, recording a r

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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 5, 2023] Scientist calls record global heat in September ‘gobsmackingly bananas’

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[Oct 5, 2023] Scientist calls record global heat in September ‘gobsmackingly bananas’

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1. Record-Hot September: Data from the EU's Copernicus Climate Change Service reveals that September 2023 was the hottest September ever recorded.

2. Hottest Year in Recorded History: September 2023 is on track to become the hottest year ever recorded. The month was 0.93 degrees Celsius hotter than the 1991-2020 average and 1.75 degrees Celsius hotter than the pre-industrial September average.

3. Paris Climate Agreement Threshold Exceeded: September's temperatures exceeded the 1.5 degrees Celsius threshold set by the Paris Climate Agreement as a limit for global warming.

4. Consequences of Extreme Heat: The article highlights the consequences of extreme heat, including flooding in Libya and parts of Europe, an unprecedented wildfire season in Canada, record-breaking heat in South America, and severe rainfall in New York. Ocean temperatures were also exceptionally high, and Antarctic sea ice reached record lows.

5. Climate Change and Fossil Fuels: Climate scientists stress the urgency of transitioning away from fossil fuels to mitigate the impacts of climate change.

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Scientist calls record global heat in September 'gobsmackingly bananas' | CNN

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Last month was the hottest September, putting 2023 firmly on track to be the hottest year in recorded history.

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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 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 that adhere to international standards recognised by the Bursa Carbon Exchange.

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 the global importance of carbon offsets and markets, emphasising 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 mentions that the VCM will help mobilise public sector finance for NbS, particularly in the Global South.

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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[Sep 18, 2023] Human rights in Russia have ‘significantly deteriorated’, says UN expert

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[Sep 18, 2023] Human rights in Russia have ‘significantly deteriorated’, says UN expert

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1. The human rights situation in Russia has worsened since it invaded Ukraine in February of the previous year.

2. The report alleges that Russian authorities have conducted mass arbitrary arrests of critics of the war, and those detained are at risk of death due to torture and ill-treatment.

3. This is the first time the UN Human Rights Council has been mandated to examine the record of one of its "P5" members, which hold permanent seats on the Security Council.

4. Moscow has denied allegations of targeting civilians in Ukraine and has described its actions as a "special military operation" to destroy military infrastructure.

5. The report documents legislative restrictions that silence civil society and punish human rights activists who oppose the war.

6. The enforcement of these laws and regulations has resulted in a systematic crackdown on civil society organisations and independent media, closing civic space.

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GENEVA, Sept 18 - The human rights situation in Russia has significantly deteriorated since it invaded Ukraine in February last year, a United Nations expert said today, describing a "systematic crackdown" on civil society and calling for redress.

The report by Special Rapporteur Mariana Katzarova seen by Reuters alleges that Russian authorities have carried out mass arbitrary arrests of critics of the war and says those detained risk death due to the "persistent use of torture and ill-treatment".

It is the first time the UN Human Rights Council has been mandated to examine the record of one of its so-called "P5" members, which hold permanent seats on the Security Council.

There was no immediate comment from the Russian diplomatic mission in Geneva. Moscow has previously called criticism of its domestic rights record unfounded and denied targeting civilians in Ukraine, where it says it is carrying out a "special military operation" to destroy military infrastructure.

"(The expert) has documented the recent legislative restrictions that are being used to muzzle civil society and punish human rights activists and others for their anti-war stance," the report said in its conclusions.

"The often-violent enforcement of these laws and regulations has resulted in a systematic crackdown on civil society organizations that has closed civic space and independent media," it said.

The UN expert Katzarova, a former journalist from Bulgaria, also refers to attempts by Russia to obstruct her mandate, saying such actions showed "a lack of political will to uphold its human rights obligations".

Moscow has previously said it would not cooperate with the probe. - Reuters

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Human rights in Russia have 'significantly deteriorated', says UN expert

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GENEVA, Sept 18 - The human rights situation in Russia has significantly deteriorated since it invaded Ukraine in February last year, a United Nations expert said today,...

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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 17, 2023] Malaysia penalises 400 companies so far this year for violating labour laws

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[Sep 17, 2023] Malaysia penalises 400 companies so far this year for violating labour laws

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1. As reported by Bernama, Malaysia has taken action against 400 companies in a single year for violating labour laws.

2. The Ministry of Human Resources in Malaysia imposed fines totalling 2.17 million ringgit ($463,000) on 272 employers, and the courts fined 128 employers a combined 242,000 ringgit ($51,700) due to labour law violations.

3. The labour violations primarily involved illegal wage deductions, according to Human Resources Minister V Sivakumar.

4. The report did not provide specific company names and detailed information about the labour offences.

5. Malaysian companies have recently faced bans from the United States due to allegations of abuses against migrant workers in manufacturing and plantation industries. These allegations include forced labour practices like debt bondage, long working hours, passport retention, and unhygienic living conditions.

6. Malaysia has set a goal to eliminate forced labour practices by 2030.

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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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[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 9, 2023] There should be no double standards with human rights, says Anwar at Asean Summit

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[Sep 9, 2023] There should be no double standards with human rights, says Anwar at Asean Summit

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1. Datuk Seri Anwar Ibrahim emphasised the importance of not having double standards in addressing conflicts and advocating for human rights, particularly concerning Palestinians.

2. He urged dialogue partners to reject Islamophobia and not remain silent on the rights of Palestinians while addressing other conflicts.

3. He conveyed a similar message to the United Nations secretary-general, Antonio Guterres, and would continue to raise the issue on the global stage.

4. He highlighted that Malaysia and Turkey would organise an event in New York to raise awareness about racial extremism and religious prejudice, particularly Islamophobia.

5. Anwar discussed Malaysia's upcoming chairmanship of ASEAN in 2025, following Laos. He mentioned that preparations for this role would be discussed in a future Cabinet meeting, involving various ministries and focusing on maintaining the principles of centrality and neutrality.

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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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[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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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.

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.

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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[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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You can check out this pdf for more information regarding this initiative from Maybank: myimpact-carbon-faq.pdf (maybank2u.com.my)

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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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Bhutan becomes 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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[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 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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Overall, the paragraph highlights 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.

1. 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.

2. 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 9, 2023] Empowering Sustainable Progress: Malaysia’s Journey in Sustainability Reporting

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[Aug 9, 2023] Empowering Sustainable Progress: Malaysia’s Journey in Sustainability Reporting

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This news mentioned some overviews of sustainability reporting and Bursa Malaysia's Stricter Standards and Alignment with Global Practices as part of the introductions.

Challenges Faced by Malaysian Companies:

1. Many companies need help with awareness and understanding of sustainability reporting and familiarity with sustainability frameworks and requirements.

2. Overcoming this requires training, dedicated sustainability committees, and external guidance.

3. The lack of systematic data collection hampers sustainability reporting. Thus, companies can adopt big data analytics and AI to manage and measure sustainability performance.

Importance of Embracing Sustainability Reporting:

1. The adoption of sustainability reporting demonstrates a commitment to responsible practices.

2. Enhances transparency and aligns with global trends toward sustainability.

3. Encourages Malaysian companies to embrace sustainability reporting for sustainable growth fully.

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Dr Ng Shir Li, Sunway Business School / Branded

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Empowering Sustainable Progress: Malaysia’s Journey in Sustainability Reporting

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Sustainability reporting is a comprehensive report that not only discloses a company’s economic worth but also provides information on its impact on the environment and society. By engaging in sustainability reporting, companies can establish objectives and measure the implementation of their enviro…

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[Aug 15, 2023] First Solar reports forced labour in supply chain

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[Aug 15, 2023] First Solar reports forced labour in supply chain

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1. First Solar acknowledged forced labour among migrant workers employed as janitorial and security staff in Malaysia.

2. Four subcontractors were involved in exploitative practices such as charging workers recruitment fees, withholding pay, and confiscating passports.

3. First Solar is mandating improving working conditions, conducting periodic reviews, and limiting work hours to 60 per week, with at least one day off for workers.

4. The company's onsite service providers have returned passports and wage detentions, updated policies to prevent future fees, and initiated a reimbursement plan according to Responsible Business Alliance (RBA) guidelines.

5. The incident underscores the growing emphasis on transparency in U.S. supply chains, fueled by legislation like the Uyghur Forced Labor Prevention Act (UFLPA) and trade duties, aiming to prevent unethical labour practices.

6. The finding highlights the need for vigilance regarding labour practices in regions like Xinjiang and throughout the entire supply chain, from raw materials to finished products.

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First Solar, the leading U.S. solar manufacturer of cadmium telluride thin-film solar panels, revealed that a third-party audit confirmed that migrant workers employed as janitorial and security staff at its operations in Malaysia were victims of forced labor. The audit found that four subcontractors charged workers recruitment fees and withheld pay and passports.

The company said it is requiring the facilities to improve working conditions, outlining actions taken in its 2023 sustainability report . First Solar said it will perform periodic reviews to ensure the subcontractors are not using forced labor. It will also limit work weeks at the facility to 60 hours and require workers take at least one day off every week.

Our onsite service providers have since returned all passports and unlawful wage detentions to the workers and updated their policies to prevent future fees. In addition to organizing an Responsible Business Alliance briefing session for our onsite service providers, First Solar contracted a third-party to conduct an investigation and develop a reimbursement plan. We are working with our onsite service providers to ensure the recruitment fees are paid back to both current and recent workers in accordance with RBA guidelines and best practices.

First Solar reported the activity "to raise awareness of modern slavery risks that hide in plain sight and to illustrate the value of an independent third-party social audit conducted in a credible, comprehensive manner," said Mark Widmar, chief executive officer, First Solar.

The report highlights the increased focus on transparency in supply chains in the United States as it moves to divorce itself from unethical labor practices in the solar manufacturing sector. Enforcement of laws like the Uyghur Forced Labor Prevention Act (UFLPA) and antidumping / countervailing duty (AD/CVD) are placing increased responsibility on suppliers to show their goods are untainted by unethical practices if they want their goods to reach U.S. markets.

"What First Solar has done is the critical due diligence that all companies need to do around the world to ensure they are identifying and remediating forced labor in their supply chains," said Laura Murphy, human rights and contemporary slavery professor, Sheffield Hallam University. "It does happen, and companies have to be on the lookout for it."

While First Solar is not exposed to the forced labor risks in the Xinjiang region under scrutiny through the UFLPA, the findings of unethical practices in the Malaysian facility underscore the need for a thorough understanding of the origin of goods from raw material to finished component.

" The solar industry will anchor the global transition to a sustainable energy future, and we believe that it must do so responsibly," said Widmar "Quite simply, o ur industry's work to power the energy transition and enable the fight against climate change does not serve as credits to offset its social and human rights obligations."

Despite U.S. announcing record levels of solar manufacturing capacity coming online, with over 155 GW of production capacity along the solar panel supply chain announced over the past year alone, demand is still outpacing domestic supply. The domestic content requirements to qualify for a 10% tax credit adder within the Inflation Reduction Act are further pushing demand for U.S.-made panels, and First Solar is currently booking sales as late as 2030 for its domestic products. These forces will likely require U.S. developers to continue to source non-U.S. panels for years to come, suggesting that supply chain transparency and traceability will continue to be an important focus for suppliers.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

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First Solar reports forced labor in supply chain

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A third-party examination revealed that employees employed by four subcontractors at manufacturing sites in Malaysia were subject to unethical labor practices.

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[Aug 8, 2023] Supply Chain Human Rights Issues A Huge Challenge for CEOs

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[Aug 8, 2023] Supply Chain Human Rights Issues A Huge Challenge for CEOs

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1. The Supply Chain Barometer report from Proxima highlights that many mid-sized companies are worried about human rights abuses and labour exploitation in their supply chains.

2. The report surveyed 2,000 CEOs of UK and US businesses with at least 50 employees. Nearly 70% of these CEOs expressed concerns about potential human and labour rights issues within their supplier networks. This concern is even higher among retail bosses at 79%, possibly due to increased scrutiny on the fashion industry.

3. Mid-sized companies need to be more informed about the ethical conditions of their supply chains.

4. The report emphasizes that this interconnectedness of supply chains means these concerns should be shared collectively across the global business community.

5. The survey results come as allegations of human rights violations and labour issues have affected high-profile brands, especially in consumer-packaged goods and automotive sectors.

6. The report suggests that finance professionals, alongside procurement teams, play a crucial role in addressing these challenges.

7. The report concludes that data and transparency are vital to running successful and responsible businesses, and tools and initiatives are available to address these concerns and improve supply chain ethics.

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Mid-market corporates' concerns lead the field, posing broader implications for global trade, says latest Supply Chain Barometer from procurement specialists Proxima.

Almost seven in 10 UK and US CEOs are worried about the potential for human rights abuses and labour exploitation to occur in their companies' supply chains, prompting calls for businesses to work together to set standards and find solutions.

According to a poll of 2,000 chief executives of UK and US businesses with at least 50 employees by procurement consultancy Proxima, 69% expressed concerns over the scope for human and labour rights issues to arise within their supplier networks. The figure rises to 79% among retail bosses, a finding that Proxima says is understandable given the increased scrutiny that has fallen on the fashion industry.

Ethical challenge

By business size, mid-market corporates lead the field, with more than three-quarters (76%) of CEOs concerned about the ethical condition of their businesses' supply chains. Given the increasing interconnectedness of business, there are potentially significant implications for international trade as a whole, Proxima warns.

"These companies are likely to be the supply chain partners of larger firms, so concerns should be shared across the global business community. Such is the interconnectedness of supply chains, we should be looking to all businesses to act more collectively and collaboratively to set standards and find resolutions," the consultancy says.

In the last few years, allegations of human rights violations and labour rights issues have rocked a number of high-profile brands in sectors such as consumer packaged goods and automotive; 78% of automotive sector CEOs said they have concerns.

The survey findings follow a surge of regulation on matters linked to human and labour rights, with countries introducing laws to tighten corporate compliance requirements. That trend is particularly prevalent in Europe, with recent legislation aimed both at companies within the region and those selling goods into EU nations at scale.

Proxima Executive Vice President and Chief Procurement Officer Simon Geale said that addressing human rights issues across the supply chain is a "huge challenge" for businesses and is high on the agenda for CEOs.

"We've seen a number of businesses fall victim to human rights issues," he noted, "and as we see increased scrutiny from customers and regulators, supply chain transparency is going to become increasingly critical. This is the emerging priority for CEOs at a time when business leaders are spending more time than ever tackling supply chain issues."

Fundamental shift

Reflecting on the role that finance professionals can play in tackling the challenge, Geale pointed out that CEOs plan to spend more time on supply chain issues this year than last, with risk, decarbonisation, and right-shoring all front of mind as well as human rights.

"A key concern is poor transparency of organisational supply chains, which is hampering progress on these topics - and many CEOs bemoan their inability to make informed decisions and manage risks based upon supply chain data available today," Geale says.

That complexity together with the technology- and cost-related barriers to achieving greater transparency should make finance teams sit up and take note: "This represents a fundamental shift in what organisations will know about themselves - and, therefore, how they operate."

"Alongside procurement, finance teams will need to be at the heart of working out how to find the funds for transformation. This is unlikely to come from marginal job cuts or a few percentage points here and there. Pioneers are looking at much greater structural cost reform, to reap the benefits three to five years down the track," Geale adds.

ICAEW Director, Corporate Governance and Stewardship, Peter van Veen says: "Our members understand that high-quality data sits at the heart of running a successful, sustainable and responsible business. Ensuring supply chain transparency - and quantifying the associated risks - is very much a part of that.

Van Veen says there are many solution providers on hand and their offerings are becoming more and more sophisticated, with tools available for all budgets. At the same time, a number of industry-based initiatives are underway to boost the protection of human rights in supply chains.

"We would encourage our members to seek these out," Van Veen says. "Their insights will help to improve a company's understanding of these issues, where abuses occur and what can be done about them. Collective action initiatives are often the only way to resolve structural human rights issues."

Related content:
Prioritising ESG a struggle in current climate

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Supply chain human rights issues a huge challenge for CEOs

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Mid-market corporates' concerns lead the field, posing broader implications for global trade, says latest Supply Chain Barometer from procurement specialists Proxima.

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

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

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.

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 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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Guest Post - ESRS: A New Chapter in Sustainability Reporting - ESG Today

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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 article summarises 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:

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

b. Determine materiality: The information disclosed is based on a company’s materiality assessment under ESRS and the ISSB’s standards.

c. 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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[Aug 01, 2023] ESG to Drive Demand for Carbon Credits

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[Aug 01, 2023] ESG to Drive Demand for Carbon Credits

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1. The demand for carbon credits in Malaysia will likely increase due to the need to meet ESG compliance.

2. Malaysia currently does not have a carbon compliance market. Still, introducing a voluntary carbon market (VCM) through the Bursa Carbon Exchange (BCX) could lead to domestic project development and spur demand for carbon credits.

3. The participation of 15 local buyers in transactions involving 150,000 carbon credits indicates a growing eagerness for ESG compliance in Malaysia.

4. A RM10 million seed fund has been announced to foster the generation of domestic carbon credits, which is expected to increase the supply of Malaysian carbon credits.

5. A supportive regulatory framework, including incentives for adopting green practices and emissions reductions, is necessary to drive demand for carbon credits.

6. Malaysia has yet to introduce carbon pricing tools like a carbon tax or emissions trading system to incentivise businesses to lower and offset emissions.

7. Bursa Malaysia plans to launch its carbon trading platform in the second half of 2023 to facilitate the trading of carbon credits.

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PETALING JAYA: The need to meet environmental, social and governance (ESG) compliance could spur demand for carbon credits in Malaysia.

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[Jun 23, 2021] Shell Accelerates Sustainable Initiatives

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[Jun 23, 2021] Shell Accelerates Sustainable Initiatives

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1. Shell's Renewable Energy Initiatives: Royal Dutch Shell has invested in clean energy technologies and companies to diversify its energy portfolio.

2. Battery Site Management: Shell subsidiary Lime Jump manages a significant battery site in England that provides electricity when renewable electricity generation is affected by low wind or clouds.

3. Investments in Clean Energy Companies: Shell has invested in green companies like Sonnen, a German battery supplier.

4. EV Charging Networks: Shell is working on establishing EV charging networks worldwide.

5. Hydrogen Fueling Centers: The company supports hydrogen fueling centres in California.

6. Leadership in Renewable and Clean Energy: Shell's executive vice president for renewables and energy solutions, Elisabeth Brinton, underscores the company's commitment to thinking ahead and anticipating the future direction of energy.

7. Global Movement toward Sustainability: Shell's initiatives and the court ruling highlight the increasing global movement toward sustainable energy practices and the growing influence of environmental considerations on the energy sector.

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MINETY, England-Royal Dutch Shell has accelerated its alternative and renewable energy initiatives, the New York Times reports. For example, a Shell subsidiary called Limejump is managing a huge battery site in the English countryside that supplies electricity when winds or clouds slow the flow of renewable electricity.

Limejump is just one investment Shell has made in recent years in the clean energy arena. Other green companies Shell has invested in include Sonnen, a German battery supplier. Shell is also working to create electric vehicle charging networks around the world and is supporting hydrogen fueling centers in California.

Shell CEO Ben van Beurden has been discussing slashing emissions for years. Since 2016, Shell's clean energy investments have topped $3 billion-a small slice of its expenditures compared to the $84 billion on its oil and gas business. Van Beurden recently wrote on LinkedIn that "it would not help the world one bit" if the company halted sales of diesel and gasoline immediately. "People would fill up their cars and delivery trucks at other service stations," he said in the piece.

Shell admits it has been cautious because of a desire to invest in businesses and technologies that would not only produce clean energy but generate a profit from doing so. "We are thinking ahead; where is the future going?" said Elisabeth Brinton, Shell's executive vice president for renewables and energy solutions.

Last month, a court in The Netherlands ruled that Royal Dutch Shell must reduce its carbon emissions by 45% by 2030. The landmark ruling furthers pressure oil-and-gas companies to take even greater steps to prevent a climate crisis.

To learn more about how your business can incorporate sustainable measures into your operations, read " Creating a Sustainability Game Plan" and " Sustainable-and Safe" in NACS Magazine.

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The global firm has advanced into renewable energy while keeping its roots in fossil fuels.

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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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[Aug 13, 2023] Johor to launch "Green Deal” framework at APCW 2023

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[Aug 13, 2023] Johor to launch "Green Deal” framework at APCW 2023

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1. Johor state government will launch a green initiative framework called "Johor Green Deal" at the Asia Pacific Climate Week (APCW) 2023 on 17th November 2023 at Persada Johor International Convention Centre.

2. APCW 2023 is one of the four regional climate weeks this year. It aims to build momentum ahead of the UN Climate Change Conference (COP28) held in Dubai at the end of November and reaffirm Johor's unwavering commitment to sustainability and green initiatives.

3. The highlight of APCW 2023: Johor will share its disaster management experiences in tackling floods while taking stock and learning from other countries.

4. Johor Green Deal: a sustainability plan for Johor's greener future and to set up the Johor Sustainability Centre.

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JOHOR BAHRU - The Johor state government will launch a green initiative framework called "Johor Green Deal" at the Asia Pacific Climate Week (APCW) 2023, to be held here, in November.

Menteri Besar Datuk Onn Hafiz Ghazi said in tackling issues regarding climate change in Johor, the state government must have a clear path in terms of effort for them to execute in the years to come.

"This climate change issue is something that is becoming more dangerous to the world as a whole and Johor specifically. I see the APCW as an opportunity for us to make improvements.

"We are going to take the opportunity Insya-Allah to launch the Johor Green Deal in terms of our sustainability plan for Johor's greener future and also we are working closely with Datuk Seri Hasni Mohammad in regards to setting up the Johor Sustainability Centre," he said a press conference here today.

Also present were former Johor Menteri Besar Datuk Seri Hasni Mohammad, who is the current chairman of the Johor Economic, Tourism and Cultural Office (JETCO), as well as the United Nations Framework Convention on Climate Change (UNFCCC) Programme Coordination manager Niclas (repeat: Niclas) Svenningsen.

When asked on whether Johor will share its disaster management experiences in tackling floods, Onn Hafiz said the state would not only share its experiences but also take stock and learn from other countries on that matter.

"The issue of floods is not something unique to Johor only but also it is a global matter that should be addressed by everyone," he said. Johor experienced the worst floods since 2007 at the end of Feb this year, that saw more that 80,000 victims in 10 districts evacuated from their homes.

On APCW 2023, he said Johor was both honoured and delighted to host such a pivotal event and reaffirmed Johor's unwavering commitment to sustainability and green initiatives.

Meanwhile, Svenningsen said Johor's dedication and leadership in hosting the event would inspire societal determination in addressing climate challenges in the region.

To take place at Persada Johor International Convention Centre here on Nov 17, it is expected to bring together more than 2,000 delegates from 150 countries.

APCW 2023 in Johor is one of the four regional climate weeks to be held this year, to build a momentum ahead of the UN Climate Change Conference (COP28) to be held in Dubai, at the end of November. - BERNAMA TAG: APCW 2023, Onn Hafiz Ghazi, climate change, Johor Green Deal

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Johor to launch "Green Deal" framework at APCW 2023

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JOHOR BAHRU - The Johor state government will launch a green initiative framework called "Johor Green Deal" at the Asia Pacific Climate Week (APCW) 2023, to be held here, in...

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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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[Jan 5, 2023] White Paper: The “No-Excuse” Framework to Accelerate the Path to Net-Zero Manufacturing and Value Chains

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[Jan 5, 2023] White Paper: The “No-Excuse” Framework to Accelerate the Path to Net-Zero Manufacturing and Value Chains

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1. The World Economic Forum launched the Industry Net Zero Accelerator initiative.

2. This White Paper proposes a framework based on 10 action pillars to help shape strategic engagement with supply chain and operating officers and encourage business collaboration in achieving net zero.

3. The paper highlights real-world examples of collaborative initiatives and strategies.

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While many companies have started their journey towards achieving net-zero emissions, no company can manage the transformation of its manufacturing facilities and value chains alone if both individual and collective targets are to be achieved. Systemic collaboration across and between value chains is fundamental to align and upgrade corporate strategies and industrial policies.

In this context, the World Economic Forum launched the Industry Net Zero Accelerator initiative in collaboration with Cambridge Industrial Innovation Policy (Institute for Manufacturing, University of Cambridge), Capgemini, Rockwell Automation and Siemens. As the initiative's first output, this White Paper proposes a framework based on 10 action pillars to help shape strategic engagement with supply chain and operating officers and encourage business collaboration in achieving net zero. The paper highlights real-world examples of collaborative initiatives and strategies.

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The "No-Excuse" Framework to Accelerate the Path to Net-Zero Manufacturing and Value Chains

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While many companies have started their journey towards achieving net-zero emissions, no company can manage the transformation of its manufacturing facilities and value chains alone if both individual and collective targets are to be achieved. This White Paper proposes a framework based on 10 action pillars to help shape strategic engagement with supply chain and operating officers and encourage business collaboration in achieving net zero.

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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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Atmospheric CO2 rise (1880-2010)

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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Workers Sue Dyson on Allegations of Forced Labor in Malaysian Supplier

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[Feb 14, 2022] Workers Sue Dyson on Allegations of Forced Labour in Malaysian Supplier

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[Feb 14, 2022] Workers Sue Dyson on Allegations of Forced Labour in Malaysian Supplier

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1. Migrant workers from Nepal and Bangladesh are suing Dyson over claims of forced labour and unsafe working conditions at a supplier factory in Malaysia.

2. The case highlights limitations in social audits, which involve periodic inspections of working conditions. Advocates and experienced firms express doubts about the ability of standard audits to identify and address forced labour and human rights violations.

3. Methodological challenges exist in assessing indicators of forced labour, such as recruitment fees and costs for migrant workers. Social audits are not specifically designed to uncover such violations.

4. Despite limitations, many companies rely heavily on social audits and certifications to ensure that suppliers adhere to ethical codes of conduct.

5. There is a need for greater transparency in audits and certifications and a demand for auditing firms and their clients to acknowledge current practices' limitations and address the pressing issue of forced labour and other abuses in supply chains.

6. The case underscores the growing realisation that more comprehensive and effective measures are necessary to prevent forced labour and related violations in global supply chains.

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Migrant workers from Nepal and Bangladesh are suing a widely recognized British brand, household appliance manufacturer, Dyson, over complaints of forced labor and other dangerous working conditions at one of its supplier factories in Malaysia.

The plaintiffs are former employees of Malaysia-based ATA Industrial, a long-term, major Dyson supplier.

Andy Hall, a migrant workers' rights specialist, first brought the workers' complaints to Dyson's attention in 2019. A Dyson representative said on a Channel 4 program that the company conducted six audits of ATA between November 2019 and June 2021. The final in-depth audit conducted by ELEVATE reportedly identified major forced labor risks. To date, none of these audit reports have been made public. The company representative said that they were proactively working to drive improvements in the factory and took the "ultimate sanction" of terminating the contract with ATA "when it was not making improvements in a timely manner."

The plaintiffs are suing in England, and while the case is in the pre-action stage, Dyson's Modern Slavery and Human Trafficking Statement 2020 outlines how the company conducts risk assessments, as recommended by UK-based business membership organization, Sedex. It also conducts audits "by Dyson auditors, all of whom are qualified Responsible Business Alliance Lead Auditors, or by external auditors from recognized third-party audit firms." This lawsuit may shine light on the effectiveness of those measures in regards to forced labor.

Irrespective of the ultimate findings in this specific case, the lawsuit is a reminder that social audits, or periodic inspections of working conditions that span a few days, have limitations.

Social audits have become somewhat commonplace, but human rights advocates and even some firms with decades of experience conducting these audits have serious concerns about their effectiveness in detecting and correcting abuses like forced labor. Impactt, one such firm, acknowledges the methodological challenges in standard audits around examining whether migrant workers paid recruitment fees and costs - an indicator of forced labor. ELEVATE, a social auditing firm, acknowledged in a September 2019 response to Clean Clothes Campaign, a network of nongovernmental organizations, that "social audits are not designed to capture sensitive labor and human rights violations such as forced labor and harassment."

Yet many companies still rely on social audits and certifications as the primary vehicle to check whether their suppliers meet their private codes of conduct governing decent work.

It is increasingly becoming clear that generally, more is needed.

More auditing firms and their clients should publicly acknowledge the limitations of social audits and certifications. Audits and certifications alone are little guarantee that products are free of forced labor and other abuses. Transparency around audits is long overdue and urgently needs more attention.

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Workers Sue Dyson on Allegations of Forced Labor in Malaysian Supplier

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Migrant workers from Nepal and Bangladesh are suing a widely recognized British brand, household appliance manufacturer, Dyson, over complaints of forced labor and other dangerous working conditions at one of its supplier factories in Malaysia.