Bursa Malaysia Bhd, UMW Corp Sdn Bhd, and Malayan Banking Bhd (Maybank) have agreed to work together. Under a memorandum of understanding to develop a centralized sustainability platform.
The operator of the stock exchange claimed in a statement that the platform acts as a repository for ESG disclosures made by listed companies.
By using the platform, which was created in partnership with the London Stock Exchange Group (LSEG), listed firms will be able to strengthen their sustainability disclosures. And hasten the adoption of their supplier chain’s carbon emissions, which also includes non-listed entities.
The platform will also assist banks in creating green financing options and services. That will motivate and promote corporate sector and supply chain decarbonization.
Bursa Malaysia CEO Datuk Muhamad Umar Swift said, “We are pleased to be working with the LSEG. To develop this platform which will enable Malaysian corporates to meet regulatory requirements. Facilitate greater transparency and consistency in sustainability disclosures. While providing wider access to green financing products.
In addition, the platform will provide further features. Including TCFD modules and a carbon emission calculator for businesses and their supply chains.
In order to hasten Corporate Malaysia’s shift to a Green Economy, Bursa claims that UMW and Maybank are the program’s original pioneers.
Participants in the EAP will verify the platform’s value extraction from April to October 2023.
According to Datuk Khairussaleh Ramli, president and chief executive officer of the Maybank Group, Maybank believes that this centralized sustainability platform will make it easier for them to provide common ESG data. That is standard and compliant with established international standards.
According to his statement, “We will continue to help our stakeholders on their decarbonisation journey. Providing guidance and engaging them on their plans on sustainable and transition financing solutions. In keeping with our aim to Humanise Financial Services and driven by our M25+ strategy.
UMW President and Group CEO Datuk Ahmad Fuaad Kenali stated that sustainability continues to be one of the framework’s core tenets, CREST at UMW.
With the launch of this new platform, Bursa Malaysia’s initiative, “we will be able to work towards ascertaining the Group’s Scope 3 carbon emissions. To enable us to be more objective and effective management of the Group’s carbon emissions. As we embark on the phased implementation of TCFD from FYE 2024,” he said.