A memorandum of collaboration (MoC) has been signed between Bursa Malaysia and Petronas, Malaysian oil & gas firm, to push forward (ESG) environmental, social and corporate governance adoption and practices through Bursa Malaysia’s Centralised Sustainability Intelligence Platform.
The firms explained in a statement the Bursa Malaysia’s platform is a collaboration with the London Stock Exchange Group that will allow corporates and their listed and non-lister suppliers, domestic and international, to calculate their carbon emissions impact and disclose standarised, common ESG data.
Further, Bursa said, “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.”
Furhter, it said that Petronas would be participating in the Early Adopter Programme (EAP) of the platform that would focus on advocating standardised ESG reporting and disclosures and would also explore creation of further value throughout its supply chain.
As per the pact, Petronas will leverage its technology to accelerate ESG adoption across its supply chain to support and promote sustainable operational and commercial excellence.
The collaboration would further get support from 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.”