Latest news with #UNGCMYB
Barnama
4 days ago
- Business
- Barnama
MIDA, UNGCMYB Forge Partnership To Boost ESG Adoption, Sustainable Investment
BUSINESS KUALA LUMPUR, May 31 (Bernama) -- The Malaysian Investment Development Authority (MIDA) and the UN Global Compact Network Malaysia and Brunei (UNGCMYB) have forged a strategic partnership to ignite a new era of sustainable and responsible investment in Malaysia. In a joint statement, both parties said that the partnership, sealed through a memorandum of understanding (MoU) signed earlier, is committed to accelerating the adoption of environmental, social and governance (ESG) principles among businesses, laying the foundation for Malaysia's transition towards a more sustainable and inclusive economy. They said the MoU brings together MIDA's mandate as the country's principal investment promotion agency and UNGCMYB's expertise in corporate sustainability. They said UNGCMYB plays a vital role in supporting businesses in Malaysia and Brunei in aligning with global sustainability goals by providing essential resources, tools, and expert guidance. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the collaboration aims to step up efforts to promote awareness, build capacity and encourage greater private sector participation in ESG initiatives, in line with the Ministry of Investment, Trade and Industry (MITI)'s Green Investment Strategy (GIS) launched last August. 'As Malaysia moves forward with our Net Zero 2050 agenda, we are seeing strong national commitment, policy clarity, and growing investor interest in green sectors,' he said. Meanwhile, UNGCMYB executive director Faroze Nadar said the MoU is a strategic step towards accelerating sustainable business practices across Malaysia. 'By combining our strengths in knowledge-sharing and ESG capacity-building, we can bridge the gap between awareness and tangible action, ensuring businesses are equipped to meet both the sustainable development goals and evolving market demands,' he added. The joint statement added that the MoU will involve collaborative initiatives that facilitate multi-stakeholder participation in sustainability programmes, including the joint organisation of conferences, roundtables, and selected development programmes focusing on ESG and broader sustainability topics.
The Sun
4 days ago
- Business
- The Sun
MIDA, UNGCMYB forge partnership to boost ESG adoption, sustainable investment
KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) and the UN Global Compact Network Malaysia and Brunei (UNGCMYB) have forged a strategic partnership to ignite a new era of sustainable and responsible investment in Malaysia. In a joint statement, both parties said that the partnership, sealed through a memorandum of understanding (MoU) signed earlier, is committed to accelerating the adoption of environmental, social and governance (ESG) principles among businesses, laying the foundation for Malaysia's transition towards a more sustainable and inclusive economy. They said the MoU brings together MIDA's mandate as the country's principal investment promotion agency and UNGCMYB's expertise in corporate sustainability. They said UNGCMYB plays a vital role in supporting businesses in Malaysia and Brunei in aligning with global sustainability goals by providing essential resources, tools, and expert guidance. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the collaboration aims to step up efforts to promote awareness, build capacity and encourage greater private sector participation in ESG initiatives, in line with the Ministry of Investment, Trade and Industry (MITI)'s Green Investment Strategy (GIS) launched last August. 'As Malaysia moves forward with our Net Zero 2050 agenda, we are seeing strong national commitment, policy clarity, and growing investor interest in green sectors,' he said. Meanwhile, UNGCMYB executive director Faroze Nadar said the MoU is a strategic step towards accelerating sustainable business practices across Malaysia. 'By combining our strengths in knowledge-sharing and ESG capacity-building, we can bridge the gap between awareness and tangible action, ensuring businesses are equipped to meet both the sustainable development goals and evolving market demands,' he added. The joint statement added that the MoU will involve collaborative initiatives that facilitate multi-stakeholder participation in sustainability programmes, including the joint organisation of conferences, roundtables, and selected development programmes focusing on ESG and broader sustainability topics. As part of the collaboration, MIDA also announced its strategic partnership in the Forward Faster Symposium 2025 -- UNGCMYB's flagship programme dedicated to accelerating sustainability, which is scheduled to take place on June 5, 2025, at MIDA's headquarters.
The Star
17-05-2025
- Business
- The Star
Prasarana aims for 40% public transport usage by 2030
PETALING JAYA, 16 Mei -- Presiden merangkap Ketua Pegawai Eksekutif Kumpulan Prasarana, Mohd Azharuddin Mat Sah (kiri), dan Pengarah Eksekutif UNGCMYB, Faroze Nadar (kanan), menandatangani memorandum persefahaman (MoU) bagi memperkukuh komitmen terhadap kelestarian vendor ESG Hub melibatkan 5,000 PKS, hari ini di Menara Prasarana. -- fotoBERNAMA (2025) HAK CIPTA TERPELIHARA PETALING JAYA: Prasarana Malaysia Bhd will roll out more electric buses and upgrade its rail infrastructure to help Malaysia meet its national target of having 40% of journeys made using public transport by 2030, says its president and group chief executive Mohd Azharuddin Mat Sah. He was responding to Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi's comment on Tuesday that the public transport usage rate of 25% in the country is low compared to other developed countries. 'We have taken note of the DPM's statement. In fact, we have presented to him the full infrastructure agenda to upgrade public transportation the next day, after he made the remarks,' he said at a press conference following the launch of Vendor ESG Hub at Prasarana's headquarters here yesterday. In terms of rail expansion, Azharuddin said the Shah Alam line (formerly known as LRT3) is expected to be completed this year. 'The Shah Alam LRT line will incorporate significant eco-friendly features when it opens in September. 'These include smart LED lighting that adjusts to natural light, a smart air-conditioning system which is expected to reduce energy consumption by 32% and installation of solar photovoltaic infrastructure at the train stabling yards,' he said, adding that the number of buses will also be increased. Azharuddin said Ahmad Zahid, who also chairs the Cabinet Committee on Road Safety and Congestion, also made the decision to create more dedicated bus lanes. 'We are also working closely with the Housing and Local Government Ministry to upgrade bus stops and pedestrian facilities so that the public can conveniently access train and bus stops,' he said. Azharuddin also said Prasarana is targeting to increase ridership on its own network (covering Rapid KL, Rapid Penang and Rapid Kuantan, among others) to 1.5 million each day by next year when compared to the current ridership of 1.3 million. On May 13, Ahmad Zahid in a Facebook post said Singapore recorded a public transport usage rate of 67%, with the corresponding figures for Seoul and Tokyo at 63% and 73%, respectively. The event at the Prasarana headquarters revolved around the signing of a memorandum of understanding between Prasarana and UN Global Compact Network Malaysia & Brunei (UNGCMYB). The MOU pertains to the launch of Vendor ESG Hub – a dedicated platform to introduce sustainable business practices to small and medium enterprises (SMEs). The new online platform will build capacity for Prasarana's 5,000 SME vendors by providing access to training, tools and resources focused on best practices of environmental, social and governance (ESG) principles. ESG is a framework for evaluating a company's performance beyond financial metrics by also looking at impact on the environment, relationships with stakeholders and governance structures. UNGCMYB executive director Faroze Nadar said for a business to play a truly transformative role in creating social and environmental impact, it 'must have head, hands and most importantly, heart'. 'Often the focus tends to be on the head, the strategy, and the hand is the implementation,' he said.
The Sun
16-05-2025
- Business
- The Sun
Prasarana signs MoU with UN agency to support SME vendors on sustainability
PETALING JAYA: Prasarana Malaysia Bhd is forging a partnership with the UN Global Compact Network Malaysia & Brunei (UNGCMYB), taking a step forward in the company's ongoing efforts towards achieving its Sustainability Blueprint 2023-2030 goals. 'Through this strategic collaboration with the UNGCMYB, we aim to further strengthen our commitment to responsible and sustainable business practices,' Prasarana president and group CEO Mohd Azharuddin Mat Sah said at the signing of a memorandum of understanding (MoU) today. He said the partnership will be anchored on a three-pillar strategy – talent development, targeted enhancement and global and regional brand elevation – designed to drive impactful change across Prasarana's organisation and contribute meaningfully to broader sustainability goals. As part of the partnership, Prasarana will launch the Vendor ESG Hub, a dedicated digital platform that will provide more than 5,000 SME vendors with access to environment, social and governance training, tools and resources. The Prasarana Vendor ESG Hub, which is under the targeted enhancement pillar, is the second of its kind in Malaysia after Petroliam Nasional Bhd's. Beginning in July, Prasarana will conduct quarterly in-person training sessions aimed at helping SMEs understand ESG fundamentals and develop the capability to produce their own sustainability reports. 'Given that SMEs represent 96% of businesses in Malaysia, contribute over 30% to the nation's GDP (gross domestic product) and employ well over four million people, their role in advancing ESG practices is vital. 'This pattern is similarly observed across Apec economies, reinforcing the need to empower SMEs as a critical step toward driving national and regional sustainability progress,' Mohd Azharuddin said, referring to the Asia-Pacific Economic Cooperation forum countries. Under the talent development pillar, Prasarana is introducing a structured sustainability training and certification programme for employees at all levels – from C-suite executives to frontliners. The initiative will kick off at the end of this month with the first cohort comprising approximately 250 staff, reinforcing its commitment to embedding sustainability competencies across the organisation. Under the global and regional brand elevation pillar, Prasarana's leadership in ESG has been internationally recognised through its invitation to represent Malaysia at the UN Private Sector Forum in New York, where it serves as a member of the UNGC advisory panel. In addition, Prasarana is actively engaging in roundtable sessions with government ministries, industry stakeholders, and global experts – including the International Association of Public Transport – to advocate for sustainable mobility. The insights and outcomes from these discussions will be documented in a co-branded roundtable report, strengthening Prasarana's voice in shaping the future of sustainable transport. Mohd Azharuddin said that in alignment with Prasarana's Sustainability Blueprint, which was launched in December 2023, the company remains committed to advancing ESG goals through a series of strategic and measurable initiatives. 'As part of our long-term vision, we aim to reduce carbon emissions by 45% through the electrification of our bus fleet, beginning with the rollout of 250 electric buses, with the first deliveries expected by the end of this year. Our target is to achieve 100% bus fleet electrification by 2037. 'In parallel, we are working to increase the use of renewable energy by 5%, supported by solar EV systems already generating approximately 300 MWh across more than 50 locations at our depots and stations. 'In line with our community outreach efforts, we have also sponsored 40 solar-powered streetlights in Kampung Kerdas, Gombak, demonstrating how our sustainability efforts extend beyond operations to benefit local communities,' he added. The MoU with UNGCMYB is a testament to Prasarana's role in pushing the industry forward and ensuring public transport continues to evolve as a sustainable and inclusive service for all Malaysians, Mohd Azharuddin said.
Yahoo
29-01-2025
- Business
- Yahoo
UN experts push for exposing greenwashing, and driving change
When he was a young lad, Edey Suresh (main image), was polishing his shoes until they shone. He felt so proud, but there was a problem. When his father asked him about the hole in his sock, Edey replied: 'No one's going to see the hole. They will only see the shoes'. 'I was showing everyone how shiny the shoes were, but not making sure that the inside was also aligned and attuned to what I was trying to show off. In a way, I was practising a form of 'greenwashing,'' said Edey, a director at the United Nations Global Compact Network Malaysia and Brunei (UNGCMYB). Edey's childhood experience of focusing on the visible 'shiny shoes' without addressing the hidden issue of the hole in his sock mirrors how some companies today focus on superficial environmental claims – greenwashing – without addressing the core sustainability challenges they face. Edey said greenwashing was a big threat to ESG – Environmental, Social, and Governance – as businesses are misrepresenting their commitment to sustainability by presenting something shiny, but without value. He said greenwashing takes many forms, from vague language and false claims to misleading labels, and the rise of greenwashing tactics like 'green shifting' or 'green labelling,' which can deceive consumers into thinking they are supporting environmentally responsible businesses when, in fact, these companies may not be living up to their promises. 'Greenwashing is deceptive marketing practices that give false impressions of environmentally responsible products or claims that are usually vague or don't make sense,' said Edey at the recent CIMB Sustainability Masterclass for Media, part of the bank's landmark Cooler Earth Series, in Kuala Lumpur. 'Sometimes, we take these claims at face value. There must be a balance between what companies say and what they do. They can claim all sorts of things, but do their actions match what they say, or are they merely doing something to tick a box? 'We need to look at the science behind it. Sometimes, they'll tell you beautiful things, but in reality, the opposite happens. Claims are easy – actions speak louder.' He added that recently, he noticed a company had a label, and when he asked what it was for, he was told: 'It was something they had come up with'. 'It was false advertising, but not many are familiar with all the labels, so no one called them out on it,' said Edey. 'The media has to play a bigger role in educating the public about the different labels and what they represent, and be brave enough to call out those peddling their goods under false pretences.' 'There are sufficient laws to penalise companies that engage in such activities, and it is time we identify those who are doing this.' He added that ESG is not just about values, but also about creating enterprise value. 'It's about understanding the opportunities, the risks, and ultimately, how businesses can be more responsible without compromising on profitability,' he said. 'We must look at everything from a systemic lens and understand that everything is interconnected. The E in ESG talks about the biodiversity of the soil. It addresses GHG (Greenhouse Gas) emissions, the carbon footprint, climate, and so on. If one thing happens, it will impact the other.' The core of Edey's vision is an integrated approach to ESG, which links governance, society, and the environment. 'The success of a smallholder farmer depends on human capital, such as the farmer's skills, social capital, such as ties with buyers, and natural capital, such as soil, water, and biodiversity,' he said. 'The bottom line may be impacted by disruptions in any of these areas. This all-encompassing method is essential for comprehending how companies engage with their surroundings." Edey's views were echoed by Faroze Nadar, UNGCMYB's executive director. While Edey focuses on the interconnectedness of environmental, social, and governance factors, Faroze highlights the importance of communicating these complex issues effectively through storytelling to drive change. Faroze said that in 2023, Oxfam published the 'Climate Equality Report,' which highlighted four key points: • The richest 1 per cent of the world's population is responsible for 16 per cent of global emissions. • The richest 10 per cent of the world's population is responsible for half of global emissions. • The poorest 15 per cent of the world's population is responsible for less than 10 per cent of global emissions. • It will take someone in the bottom 99 per cent of the world 1,500 years to produce as much carbon as the richest billionaires do in a year. 'We need to build a culture where we study and focus on these issues and shift the conversation, because the missing element in sustainability is storytelling,' said Faroze. 'Storytelling must engage with the emotional reality because change is driven by emotion. 'Last year, The Guardian did an expose on carbon credits, essentially calling it out. This changed the entire conversation around carbon credits, resulting in companies beginning to question whether they were doing the right thing. Maybe they needed to do better. 'This shift in behaviour was driven by a media publication.' Faroze said that closer to home was the issue of the Kuala Langat North Forest Reserve, which the Selangor government wanted to de-gazette in 2020, affecting 930.93 hectares of the forest for a mixed development project. 'However, following media coverage and public pressure, there was a turnaround, and that forest is still protected today,' he said. 'People often say they don't have the money to address these issues, but businesses spend more money on wars and missiles than on environmental or social issues. 'It is not the lack of money, but the failure to highlight the right problems and ask the right questions.' Besides Faroze and Edey, the other two speakers were Monash University Malaysia's Dr Avvari V. Mohan, Professor and Deputy Head (Engagement & Impact) at the School of Business, and Dr Karren Khaw, Associate Professor and Head of the Department of Finance. Avvari said that universities and business schools should actively contribute to sustainability, not just criticise companies. He added that businesses should focus on leadership, culture, and values, rather than just data and reporting. He also raised the issue of how companies are adapting to evolving sustainability regulations, emphasising that businesses and individuals must look beyond superficial measures to engage in meaningful sustainability efforts. Khaw, meanwhile, stated that Malaysian banks are increasingly committed to mobilising funds for sustainable projects, with local banks leading the charge in sustainable finance. She added that sustainable finance serves as a bridge between profitability and responsibility, demonstrating that financial returns and sustainability can coexist effectively.
