Paramount gets ‘gold’ sustainable rating from MARC

Paramount deputy group chief executive officer and designated sustainability officer Benjamin Teo.

PETALING JAYA: Paramount Corp Bhd has received the “Gold” assessment from MARC Ratings Bhd for its sustainability-linked financing framework.

In a statement, the property developer said the framework sets out the guiding principles for Paramount’s issuance of sustainability-linked Islamic medium-term notes to achieve sustainability performance targets in relation to selected key performance indicators (KPIs).

These include percentage of cumulative gross floor area assigned with green certification; percentage of cumulative construction sites certified via the Construction Industry Development Board Malaysia’s safety and health assessment system in construction; and reduction of greenhouse gas emissions intensity covering Scope 1 and Scope 2.

Citing MARC, Paramount deputy group chief executive officer and designated sustainability officer Benjamin Teo said the “Gold” assessment reflects its view that the impact of the KPIs was significant, with social and environmental benefits that supported the six United Nations Sustainable Development Goals (UN SDGs).

“The establishment of this framework indicates Paramount’s commitment to supporting the UN SDGs through harmonising sustainability ambitions with our operations and financing structure and we are proud to be able to contribute to the development of sustainability financing in Malaysia,” he said.