CONTINUING THE CENTRALISED SUSTAINABILITY INTELLIGENCE PLATFORM’S MOMENTUM IN ADVANCING SUSTAINABILITY PRACTICES
Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) recently signed a Memorandum of Collaboration (“MoC”) with Westports Holdings Berhad (“Westports”) and OCBC Bank (Malaysia) Berhad (“OCBC Bank”), making them the latest adopters of the Centralised Sustainability Intelligence (“CSI”) Platform. The MoC aims to widen adoption among Malaysian companies, particularly within the transportation and logistics sectors, through improved Environmental, Social and Governance (“ESG”) data transparency and interoperability.
The CSI Platform, which was developed by Bursa Malaysia in collaboration with the London Stock Exchange Group, will serve as a repository for sustainability disclosures by Malaysian listed companies, along with disclosures by local and international suppliers throughout their supply chains. Additionally, it will enable companies to calculate and track their carbon emissions impact, while subsequently facilitating green financing and decarbonisation efforts.
The Memorandum of Collaboration was signed by Datuk Ruben Emir Gnanalingam bin Abdullah, Executive Chairman and Group Managing Director of Westports (left); Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia (centre); and Ms. Tan Ai Chin, Managing Director, Senior Banker & Head of Investment Banking of OCBC Bank (Malaysia) (right).
Datuk Muhamad Umar Swift said, “We are pleased to formalise the Memorandum of Collaboration with Westports and OCBC Bank, bringing them onboard the CSI Platform Early Adopters’ Programme (EAP), to encourage more businesses to actively pursue the journey towards sustainable business practices and decarbonisation. Westports’ extensive global presence connected to major ports worldwide will provide useful insights on ESG measures in port operations and logistics, a key sector for Malaysia as a trading nation.”
As the second biggest port in Southeast Asia, Westports plays a crucial role in global supply chains. Westports’ participation in the EAP will enable the company to examine the Scope 3 emissions of its supply chain and allow Westports to fulfil its decarbonisation obligations to its customers, while enhancing ESG data management and performance to attract new business opportunities.
Datuk Ruben Emir Gnanalingam said “The CSI Platform is designed to serve as a beacon of support for both PLCs and non-listed companies, providing them with the tools and resources they need to report on their sustainability efforts comprehensively. I believe that this CSI Platform is more than just a tool; it’s a catalyst for change. It will play a vital role especially in encouraging our supply chain transition to a sustainable and lower-carbon economy, making our nation more resilient and competitive on the global stage. Together, we will strengthen Malaysia’s economy, create jobs, and drive profits through sustainable practices.”
Ms Tan Ai Chin said “OCBC Bank has been at the forefront of the ESG agenda, proactively and progressively driving changes in the financial industry by innovating effective financial solutions that can encourage and incentivise sustainable best practices. Our overarching goal is not only to support our corporate clients in their respective journeys towards decarbonisation, but also to drive positive changes throughout the entire supply chain ecosystem. We are grateful to Bursa Malaysia for providing this avenue for a sustainable marketplace for local businesses, and Westports for allowing us to be its exclusive financial partner in this collaboration.”
The CSI Platform will enable OCBC Bank to enhance the ESG supply chain through provision of sustainable financial solutions, to facilitate corporates to manage and reduce their respective Scope 3 emissions. Companies seeking to improve their carbon footprint will have access to a variety of offerings and assistance from OCBC Bank, such as;
- ESG Advisory and Sustainable Supply Chain Financing to incentivise and reward businesses with low carbon intensity models, aligning with sustainability linked financing principles.
- Green and Transition Financing Solutions: Participating companies and their supply chains will have access to financing instruments that are integrated with tailor-made sustainability metrics and responsive pricing incentives mapped to their ESG profiles.
- Green Tech and Mobility Solutions: This includes Green-tech solutions to facilitate the adoption of sustainable practices, complemented by financing support for electric-powered vehicles (“EV”) and vital infrastructure elements for EV, as well as artificial intelligence powered fleet management system to support Green Mobility.
The MoC marks Bursa Malaysia’s fourth collaboration, and the first in the transportation and logistics sectors. It follows the Exchange’s previous MoC signings to on-board early adopters from the oil and gas, automotive, as well as property and manufacturing sectors onto the Platform.
#WestportsMalaysia #Westports #Sustainability
