Muhamad Umar said that as a leader in the ESG space, Malaysia has taken significant steps towards achieving this vision, including the move by Bursa Malaysia to implement the mandatory ESG disclosure requirement for all listed companies.
PETALING JAYA: Bursa Malaysia Bhd
has developed a platform to serve as a national repository for public-listed companies’ environmental, social and governance (ESG) disclosures.
The centralised sustainability platform, which is jointly developed with the London Stock Exchange Group, will enable listed companies to reinforce their ESG disclosures and accelerate swift adoption of their supply chain carbon emissions.
Bursa Malaysia chief executive officer (CEO) Datuk Muhamad Umar Swift said the platform would enable Malaysian corporates to meet regulatory requirements, facilitate greater transparency and consistency in sustainability disclosures, while providing wider access to green financing products.
“The platform will also offer additional capabilities such as task force on climate-related financial disclosures modules, as well as a carbon emission calculator for corporates and their supply chain,” he said after signing a memorandum of collaboration with UMW Corp Sdn Bhd and Malayan Banking Bhd (Maybank) yesterday.
UMW and Maybank have agreed to pilot the use of sustainability data and standards to support sustainable financing programmes.
Earlier in his speech, Muhamad Umar said that as a leader in the ESG space – both domestically and in the region – Malaysia has taken significant steps towards achieving this vision, including the move by Bursa Malaysia to implement the mandatory ESG disclosure requirement for all listed companies.
“However, from our observations, simply mandating ESG disclosures is insufficient to drive effective sustainable investments. We must ensure that the methodologies used are transparent, objective and consistent, and that the data must be of high quality.
“As such, the importance of high-quality ESG disclosure cannot be overstated. It serves as the foundation for a transparent, open and inclusive economy that is linked to the global marketplace,” he added.
Meanwhile, Maybank’s group president and CEO Datuk Khairussaleh Ramli said the initiative was timely and crucial to facilitate companies in their sustainability disclosures and encourage effective management of their supply chain’s carbon emissions, while incentivising decarbonisation through the banks’ green financing products and services.
“Access to supply chain and carbon data would help all of us in charting our decarbonisation strategy which is also aligned to Maybank’s commitment to mobilise RM80bil in sustainable finance by 2025 and to drive long term value creation for the businesses and communities we serve, in line with our mission to humanise financial services and driven by our M25+ strategy,” Khairussaleh added.
UMW president and CEO, Datuk Ahmad Fuaad Kenali said analysis showed that growing demand for net-zero offerings could generate more than US$12 trillion (RM53.6 trillion) of annual sales by 2030 across 11 high potential value pools, including transport, power, and hydrogen – industries that UMW are either directly involved in or closely connected to.
