Business Today – BPMB, MGTC Cooperate To Advance Green Tech Financing For National Development
KUALA LUMPUR, 5 Oktober 2023
Bank Pembangunan Malaysia Berhad (BPMB) today (October 5) exchanged a Memorandum of Cooperation (MOC) with Malaysian Green Technology and Climate Change Corporation (MGTC) to advance green technology financing in Malaysia for national development.
This strategic partnership will enable BPMB to play its developmental role in driving sustainability adoption by incorporating MGTC’s Low Carbon Operating System (LCOS) into the Bank’s operations to improve sustainability performance.
LCOS will support the Bank’s effort in managing greenhouse gas (GHG) emissions in its operations, in line with the Government’s aspiration towards building a resilient, low-carbon economy for sustainable economic growth.
The MOC was exchanged between Roni Abdulwahab, Group Chief Executive Officer (GCEO) of BPMB and Shamsul Bahar Mohd Nor, Chief Executive Officer (CEO) of MGTC.
The ceremony, witnessed by Nik Nazmi Nik Ahmad, Minister of Natural Resources, Environment and Climate Change (NRECC), saw BPMB be among the first Development Financial Institutions (DFI) in Malaysia to adopt the LCOS to benefit both BPMB and its customers.
The Minister said, “We applaud BPMB’s effort to adopt LCOS as part of its initiative to manage GHG emissions. Sustainability is a collective effort that requires a whole-of-nation approach. This collaboration will support responsible development and help us progress towards a just transition.”
Roni Abdulwahab, GCEO of BPMB said, “Our collaboration with MGTC will further enhance BPMB’s capacity and ability to identify and prioritise impactful projects. We are partners in Malaysia’s development journey and we are committed to support the government’s 12th Malaysia Plan guided by the sustainability pillars of economy, social and environment to become a carbon-neutral nation as early as 2050.”
“At BPMB, we evaluate all our financing activities using our own internal assessment framework called Measuring Impact on National Development (MIND) to support sustainable development. MIND ensures all our financing delivers social, economic and environmental impact, which also aligns with the objectives of Malaysia MADANI. This collaboration will complement our efforts to further improve our MIND framework going forward,” Roni said.
Shamsul Bahar Mohd Nor, CEO of MGTC said, “Every company should have the necessary tools to measure their impact on climate change and contribute towards a Net-Zero future. LCOS is aligned with globally recognised standards and accessible to a company of any size from all sectors, including transitioning clients. The platform aims to promote awareness and educate them on carbon emissions. It guides users on setting targets aligned to science-based target initiatives, allowing them to work on abatement strategies to reduce their carbon emissions across the entire business operations.
“Besides onboarding customers into the platform, MGTC will also guide key organisation personnel on carbon accounting and provide solutions to decarbonise their businesses.”
Apart from managing GHG emissions for the Bank’s businesses and operations using LCOS, the collaboration will allow BPMB to leverage on MGTC’s strength in green technology expertise through knowledge transfer and promoting cross-referrals between both parties to promote green technology adoption and financing.