Sunway among first in Malaysia to support climate-related financial disclosures

By MUHAMMAD ARIEF CHE SOH
[email protected]

KUALA LUMPUR 24 Feb. - Sunway’s three public-listed companies namely Sunway Berhad, Sunway Construction Group Berhad and Sunway REIT have become one of the first few Malaysian companies to join over 1,700 organisations from around the globe to support the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). 

These recommendations support the goals of the Paris Agreement to limit global warming to below two degrees Celsius, compared with pre-industrial levels and aims to achieve a carbon neutral world by 2050.

Sunway Group President, Tan Sri Chew Chee Kin said, they have aligned their material ESG issues to the United Nations Sustainable Development Goals  as part of their strategy for Sunway Group’s long-term success and economic value.

"With the TCFD, we have a strategic tool for engagement between our companies and investors. 

"Our commitment to disclosure in accordance with the recommendation of TCFD will help our company identify and assess risks posed by climate change. 

"Sunway will continue to accelerate its sustainability strategy towards our continued growth, and to attract capital for continuous low-carbon innovation while driving to deliver a sustainable future for all," he said in a statement today.

The four areas of disclosure recommendations laid out by the taskforce are governance, strategy, risk management, as well as metrics and targets.

Chew Chee Kin added, in 2020, they have set up a Board Sustainability Committee to oversee, assess and manage material matters that are ESG-related. 

The Board oversees the Group’s sustainability strategy and integrates sustainability risks into their overall risk management. 

Data on greenhouse emissions from its operations are reported annually in their Sustainability Report.

"Sunway actively embarks on initiatives that are in line with its commitment to advancing the 17 United Nations Sustainable Development Goals as well as its vision for Sunway City Kuala Lumpur to be a living laboratory where real-world solutions are generated for the betterment of the environment and humankind.

"The investment in a water treatment plant in Sunway City Kuala Lumpur is one of Sunway’s key sustainability milestones. 

"Using its existing mining lakes at Sunway South Quay and Sunway Lagoon as catchment areas, 8.5 million litres of water is processed every day and provided to selected commercial buildings within the township. 

"The amount is sufficient to meet the water consumption needs of about 51,500 people. Rainwater is also harvested for purposes of cleaning and landscaping. The water system the Sunway City Kuala Lumpur looks into drainage, supply, recreational activities and the city’s environment," he added.

Last year, Sunway also joined forces with ENGIE Southeast Asia to boost the country’s environmental sustainability effort through the expansion of the district cooling technology. 

The partnership will accelerate the adoption of district cooling technology in Malaysia, which will contribute towards the nation’s environmental sustainability goals.

"In 2020, the group was able to generate 3% of electricity from solar panels, divert 4% of waste from the landfill and reduce water intensity by 23% from baseline year of 2015," he said. - DagangNews.com