UEM Sunrise’s sustainability sukuk rated gold by MARC


In a statement, MARC said the framework will finance green, social or sustainability projects falling under six categories. They are green buildings, energy efficiency and renewable energy, affordable housing, pollution prevention and control, sustainable water and wastewater management, and socioeconomic advancement and empowerment.

PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has assigned a “Gold” sustainability sukuk assessment on UEM Sunrise Bhd’s (UEMS) sustainability sukuk framework.

In a statement, MARC said the framework will finance green, social or sustainability projects falling under six categories.

They are green buildings, energy efficiency and renewable energy, affordable housing, pollution prevention and control, sustainable water and wastewater management, and socioeconomic advancement and empowerment.

“MARC is of the opinion that the framework is aligned with the core components of the Asean Sustainability Bond Standards (Asean SUS), the Asean Green Bond Standards (Asean GBS) and the Asean Social Bond Standards (Asean SBS) in addition to Securities Commission’s Sustainable and Responsible Investment (SRI) Sukuk Framework,” it said.

The rating agency pointed out a key underpinning of the gold assessment is that the assets, businesses, projects and/or products eligible for financing under UEMS’ framework are aligned and highly coherent with its sustainability strategy and objectives.

The green and social projects contemplated by the framework address a number of themes and pressing challenges – climate change mitigation and adaptation, housing, sustainable use of water, circular economy transition and economic inequity.

The eligible projects have a strong link with the key environmental, social and governance initiatives implemented by UEMS which, in turn, address key sustainability issues that are highly relevant for property sector and global as well as national sustainable development goals and priorities.

The assessment is also supported by UEMS’ overall effectiveness at managing and embedding sustainability in its operations.

UEMS is the property development arm of UEM Group Bhd, a unit of Khazanah Nasional Bhd, the government’s strategic investment fund. Its principal activities are the development of large townships as well as high-rise and landed residential, commercial, retail and integrated development properties.

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