Bursa Malaysia (“Exchange”) 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 (“Platform”). Working in collaboration with the London Stock Exchange Group (“LSEG”), Bursa Malaysia is developing and testing the Platform which can allow corporates and their listed or non-listed suppliers, both domestically and internationally, to calculate their carbon emissions impact and disclose standardised, common ESG data.
The purpose of this 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.
With the formalisation, 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. Participation in the Platform is envisaged to further reinforce adoption among Malaysian companies through improved ESG data transparency and interoperability.
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 MOC was signed by Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia and Datuk Tengku Muhammad Taufik, President and Group Chief Executive Officer of PETRONAS and witnessed by Wong Chiun Chiek, Director, Bursa Intelligence and Aadrin Azly, Vice President of Group Technology and Commercialisation, PETRONAS.
Datuk Muhamad Umar Swift said, “I applaud PETRONAS, being custodian of Malaysia’s natural oil and gas reserves, in raising the bar to promote sustainable practices in the energy sector. 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.”
Datuk Tengku Muhammad Taufik said, “PETRONAS strongly believes that a just and responsible energy transition can only be achieved when stakeholders within and across sectors work together. Critically, 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. Amidst an ever-intensifying push for a lower-carbon future, PETRONAS is determined to continue advocating good governance and transparency among the oil and gas players towards becoming a trusted ESG partner to deliver energy responsibly in a secure, affordable and sustainable manner.”
Datuk Muhamad Umar Swift added, “Bursa Malaysia is also delighted to have CIMB Group on board for this initiative, continuing our partnership with them under the #financing4ESG programme since May 2022. As part of this collaboration, CIMB Group will offer sustainable supply chain financial solutions to help businesses in PETRONAS’ supply chain adopt low carbon and sustainable practices.”
This follows the recent signing of Bursa Malaysia’s Memorandum of Collaboration with UMW Corporation Sdn Bhd and Malayan Banking Berhad.
About Bursa Malaysia
Bursa Malaysia is an exchange holding company incorporated in 1976 and listed in 2005, and has grown to be one of the largest bourses in ASEAN today. Bursa Malaysia operates and regulates a fully-integrated exchange offering a comprehensive range of exchange-related facilities, and is committed to Creating Opportunities, Growing Value. Learn more at www.bursamalaysia.com.
About PETRONAS
We are a dynamic global energy group with presence in over 50 countries. We produce and deliver energy and solutions that power society’s progress in a responsible and sustainable manner. We seek energy potential across the globe, optimising value through our integrated business model. Our portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions. Sustainability is at the core of what we do as we harness the good in energy to elevate and enrich lives. People are our strength and partners for growth, driving our passion for innovation to progress towards the future of energy sustainability.
