PETRONAS signed a Memorandum of Collaboration with Bursa Malaysia to help drive environmental, social and governance (ESG) adoption and practices through the Bursa Malaysia Centralized Sustainability Platform.
In collaboration with the London Stock Exchange Group (LSEG), Bursa Malaysia is developing and testing the Platform, which enables companies to calculate the impact of their carbon emissions and disclose common, standardized ESG data.
The objective of this Platform is to make it easier for companies to disclose their sustainability data and promote the effective management of their carbon emissions, including those of their supply chain, while facilitating decarbonization through the products and services of green financing from banks.
With the formalization, PETRONAS will participate in the Platform’s Early Adoption Program (EAP) to advocate for standardized ESG reporting and disclosures, while exploring creating more value throughout its supply chain.
Participation in the platform is expected to further bolster adoption among Malaysian companies through improved transparency and interoperability of ESG data.
The Memorandum of Collaboration was signed by Datuk Tengku Muhammad Taufik, President and CEO of PETRONAS Group and Datuk Muhamad Umar Swift, CEO of Bursa Malaysia, in the presence of Wong Chiun Chiek, Director of Bursa Intelligence and Aadrin Azly, Vice President of Technology and Marketing of the PETRONAS Group.
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Datuk Tengku Muhammad Taufik stated: “PETRONAS firmly believes that a just and responsible energy transition can only be achieved when stakeholders from all sectors work together. Crucially, partnerships with forward-thinking entities like Bursa Malaysia will offer a valuable avenue for the entire OGSE sector to embrace and further strengthen ESG compliance for operational improvements.”
In addition, the PETRONAS Chairman added that “this is increasingly unavoidable in order to preserve a license to operate in a rapidly changing energy landscape. Amid an increasing drive towards a lower carbon future, PETRONAS is determined to continue advocating for good governance and transparency among oil and gas players to become a trusted ESG partner to supply energy in a responsible, secure, affordable and sustainable manner.”
For his part, the representative of Bursa Malaysia said that “I applaud PETRONAS, as custodian of Malaysia’s natural oil and gas reserves, for raising the bar to promote sustainable practices in the energy sector.”
“The Centralized Sustainability Platform deployed for the collaboration is intended to facilitate and facilitate PETRONAS’ decarbonization efforts throughout its supply chain. We encourage other industry captains, particularly those with significant stakes in the global supply chain. , to also take advantage of this path and take the helm of change within their respective verticals”.
PETRONAS will continue to leverage technology and digital media to accelerate ESG adoption and readiness throughout its supply chain to ensure sustainable business and operational excellence. These efforts will be supported by the PETRONAS University of Technology with its fundamental research and academic exchanges.
