Kuala Lumpur, 17 April 2023 – PETRONAS recently signed a Memorandum of Collaboration with Bursa Malaysia to help drive environmental, social, and corporate governance (ESG) adoption and practices through Bursa Malaysia’s Centralised Sustainability Platform (Platform). Working in collaboration with the London Stock Exchange Group (LSEG), Bursa Malaysia is developing and testing the Platform which allow corporates 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.
The MOC was signed by Datuk Tengku Muhammad Taufik, President and Group Chief Executive Officer, PETRONAS and Datuk Muhamad Umar Swift, Chief Executive Officer, Bursa Malaysia and witnessed by Wong Chiun Chiek, Director, Bursa Intelligence and Aadrin Azly, Vice President of Group Technology and Commercialisation, PETRONAS.
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 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 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.”
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.