How Bursa Malaysia commits to become a carbon neutral exchange

BURSA Malaysia Bhd has unveiled its ambitions to become carbon neutral by 2022 as well as to achieve net zero emissions by 2050 across its entire operations in line with the global drive for decarbonisation.

Under itsnew set of commitments, Bursa Malaysia will systematically manage its carbon footprint across the exchange’s entire business activities while reducing emissions in line with a net zero future.

Additionally, Bursa Malaysia will participate in global campaigns “Business Ambition for 1.5°C” and “Race to Zero” to support the transition to a climate resilient and inclusive economy.

“Climate change poses a significant threat to our planet and society. It is in everyone’s best interests to work towards a systemic change that prevents a climate catastrophe,” commented Bursa Malaysia chairman Tan Sri Abdul Wahid Omar.

“I believe it is important for all companies regardless of size, industry and operating models to scale-up their climate contributions with firm commitments and concerted actions towards achieving a climate-resilient future.”

In 2018, the exchange became a supporter of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and has since carried out numerous climate education initiatives with its listed issuers and the broader capital market ecosystem, according to its CEO Datuk Muhamad Umar Swift.

“With this new set of climate commitments, we pledge to do our part for the environment by actively decarbonising our business activities and accelerating the transition to net-zero through collaborative actions with our stakeholders,” he noted.

All-in-all, Bursa Malaysia has identified eight key initiatives to support its climate ambitions;

  • Setting science-based emission reduction targets in accordance with the Science-Based Targets initiative’s (SBTi) criteria and recommendations. The exchange will submit its climate targets to the SBTi for validation;
  • Conducting an energy audit to identify key improvements to maximise the energy efficiency of its buildings as well as developing an asset improvement plan;
  • Offsetting emissions from its electricity consumption, employee travel to work and paper consumption as well as other relevant emission sources beginning next year. This will be accomplished by supporting nature-based solutions that remove carbon from the atmosphere;
  • Implementing a workplace carbon conscious programme to encourage responsible workplace practices and lifestyle choices among its employees;
  • Undertaking independent assurance of its climate-related data;
  • Participating in external climate change assessment to improve the quality of climate disclosures and practices;
  • Ensuring greater transparency by aligning its climate-related disclosures in sustainability reports with the TCFD recommendations; and
  • Advocating net zero emissions and strong climate action through stakeholder engagements and education initiatives. – Sept 22, 2021
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