Bursa Malaysia, PETRONAS to collaborate on sustainability platform

PETRONAS president and group CEO Datuk Tengku Muhammad Taufik (centre, left) and Bursa Malaysia CEO Datuk Muhamad Umar Swift (centre, right) at the MoC signing

KUALA LUMPUR: Bursa Malaysia has signed a memorandum of collaboration (MoC) with PETRONAS to help drive environmental, social and corporate governance (ESG) adoption and practices through Bursa Malaysia’s Centralised Sustainability Intelligence Platform.

BUrsa Malaysia's platform is a collaboration with the London Stock Exchange Group to allow corporates and their listed and non-lister suppliers, domestic and international, to calculate their carbon emissions impact and disclose standarised, common ESG data.

According to Bursa, The purpose of the platform is to ease companies in their sustainability disclosures and encourage effective management of their carbon emissions, including those from their supply chain, while facilitating decarbonisation through banks’ green financing products and services.

In a joint statement, the parties said PETRONAS would be participating in the Early Adopter Programme (EAP) of the platform to advocate standardised ESG reporting and disclosures while exploring creation of further value throughout its supply chain.

It said PETRONAS will continue to leverage technology and digital to accelerate ESG adoption and readiness across its supply chain to ensure sustainable operational and commercial excellence.

These efforts shall be supported by University Teknologi PETRONAS with its fundamental research and academic exchanges.

"The Centralised Sustainability Intelligence Platform deployed for the collaboration is intended to facilitate and ease PETRONAS’ decarbonisation efforts across its supply chain.

"We encourage other industry captains, particularly those with significant stakes in the global supply chain, to also tap into this avenue and take the helm for change within their respective verticals," said Bursa Malaysia CEO Datuk Muhamad Umar Swift.

PETRONAS president and CEO Datuk Tengku Muhammad Taufik said partnerships with forward-looking entities like Bursa Malaysia will offer a valuable avenue for the entire OGSE sector to further embrace and strengthen ESG compliance for operational improvements.

"This is increasingly unavoidable to preserve a license to operate in a rapidly transforming energy landscape," he said.