Charmaine C.

Its so heartening to read CIMB Bank's commitment to no longer provide new dedicated #financing for #upstreamoilfields starting from Jan 1, 2025. Backed by consultations and supported still by a healthy growth outlook, its a strategic signal to #financialinstitutions that this is possible and FIs will need to lead on this urgent action to phase out #fossilfuels while supporting a #greeneconomy. https://lnkd.in/gztsMQwc

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There's been no shortage of favourable climate/environment-related court rulings in Asia this month - from South Korea's ruling against the government for insufficient climate action, to a Malaysian high court ruling against the federal and state governments and private developers for a hydropower project on Indigenous land. But the fact remains that you only go to court when damage has already been done and people have been wronged. It's an expensive and time-consuming endeavour. At a recent climate litigation masterclass hosted by Climate Governance Malaysia and ClientEarth, Jia Yaw Kiu offered this sobering reminder: "Climate litigation is not a panacea for solving climate change. We shouldn't entertain any fantasies of...young people in Asia bringing cases to court and an appeal going all the way up to Federal Court and then that would change everything; that we would have solved climate change." [It sets great precedent but it's also hard to prescribe remedies that would negate the harm done.] Environmental human rights extends far beyond taking the 'bad guys' to court. In a recent op-ed for Eco-Business (my first, actually!), I dared to imagine what that could look like in the context of Malaysia's carbon markets, with Orang Asal and local communities at the forefront of conversations and decision making instead of being box-ticked as an #FPIC requirement. Climate justice can but doesn't have to be litigious. Thank you: - Wai Mun Ng for the painstaking editing and revisions, - Khairun Nisa Zabidi for feedback on the my initial draft, - Edmund Bon Tai Soon, Umavathni V. and Ili Nadiah Dzulfakar for your work on the NBABHR report and making time to talk to me about it (the report is a treasure trove of good guidance on business and human rights in Malaysia and is linked in the article), - the Apa Kata Wanita Orang Asli filmmakers, who never fail to awe me with their boldness and joy, - and #BursaCarbonExchange, of course, without which I would have no local carbon market to write about. The more I read about this, the less I realise I know – I haven't even started on concepts like #reindigenisation and how Australia's Aboriginal Peoples participate in their carbon market. But in the meantime, please read and share your thoughts and/or criticisms with me! If you're looking to get access to this piece for free, drop me a comment or message. #carbonmarkets #indigenouspeoples #orangasli #orangasal Bursa Malaysia

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🔗 🇸🇬🤝🇹🇭 Singapore-Thailand: Deepening Ties, Driving Progress 📍 Singapore's PM Lawrence Wong met Thailand's PM Paetongtarn Shinawatra in Bangkok, paving the way for collaboration in: 🌱 Green economy 🥗 Food & energy security 💻 Digital connectivity 💡 Key highlights: 1️⃣ ♻️ Carbon Credits: Talks are underway for a formal agreement enabling carbon credit trading. Thailand’s hydrogen and biofuel advancements offer exciting sustainability opportunities for Singaporean companies. 2️⃣ 🥢 Food Security: With Singapore importing most of its food, stronger ties with Thailand could boost resilience in our supply chains. 3️⃣ 📱 Digital Innovation: Following the success of PayNow-PromptPay, ASEAN’s digital integration could make cross-border transactions even easier and faster. 🌏 Regional impact: These initiatives go beyond bilateral gains—they reinforce ASEAN’s potential as a global growth hub. From expanding the ASEAN power grid to deepening the Digital Economy Framework, regional collaboration is critical for addressing shared challenges. 👀 What excites me most: the alignment of 🌿 sustainability, 💡 innovation, and 🧠 human capital development. Singapore’s new scholarship program for Thai officials reflects our commitment to fostering regional knowledge-sharing. As 🇸🇬 and 🇹🇭 prepare to mark 60 years of diplomatic ties in 2025, today’s discussions are a powerful step toward closer partnerships and mutual growth. ✨ Your thoughts: How can ASEAN innovate while balancing its diverse priorities? Share below! --- 🌟 I believe that navigating today’s complexities—alongside emerging forces like AI, deep tech, ESG, impact, and political polarization—requires a multidisciplinary approach. If you’re interested in these insights or just want to connect, don’t hesitate to reach out. 🌞 Let’s connect!

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*Can policies solve the super wicked problem that is climate change?* This was the subject of intense discussions over a three-day course I attended last week: "Decarbonisation Strategy: Thriving from Just Energy Transitions in Southeast Asia Programme" by the Institute for Environment and Sustainability (IES) at the Lee Kuan Yew School of Public Policy. A personal highlight was hearing from Prof Ben Cashore himself, the man who famously coined the term "super-wicked problem" to describe climate change due to its four characteristics: (1) time is running out, (2) those causing the problem also want to solve it, (3) irrational discounting of the future, and (4) no central authority. Between the participants and the faculty, it was quickly apparent that policymakers, businesses, scientists, and academics all needed to work together to address the issue. One of the key takeaways for me was the phenomenon of "bootleggers and baptists", where groups that traditionally opposed each other managed to find common ground and advocate for the same policy intervention. An example was how local timber producers and environmental NGOs successfully lobbied for regulation to halt imports of illegal forest products, even though they had been fighting long battles over eco-labelling systems. Listening this case study, I was struck by the similarities with issues faced in the sustainability space today, where there are battles being fought over what constitutes legitimate climate action. Despite a common goal among the various advocacy groups, the recommendations can end up being vastly different. How can we build broad-based coalitions that drive impact at scale? In absence of a central authority, can the various stakeholders find enough common ground on key principles to meaningfully move the needle on climate change? These were some questions that the GenZero team had also explored in the GenZero Carbon Scenarios (https://lnkd.in/gJF4y73m), where we spotlighted three no-regrets actions to improve the impact of carbon markets: (1) thoughtful regulatory oversight, (2) clarity on the role of carbon markets in decarbonisation pathways, and (3) digitalisation to support integrity at scale. Overall, it was an insightful three days of meeting many new friends from the ASEAN region to share mutual experiences and brainstorm practical solutions. A big thank you as well to the other speakers Andreas Raharso, Sreeja Nair, Sebastian Sewerin, and James Balzer, MSusDev MPP for sharing their insights and facilitating the discussions. Institute for Environment and Sustainability - Lee Kuan Yew School of Public Policy #sustainability #decarbonisation #policy

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Very productive discussions in Kuala Lumpur! The Network for Greening the Financial System (NGFS) had its outreach meeting for the Asia-Pacific region where we discussed regional challenges and priorities. Among other things, we delved into taxonomies, transition plans and adaptation to resilience against the impacts of climate change. We also discussed the NGFS’s capacity building efforts. This is really a priority for me because I believe it is crucial to ensure that all our members are well equipped to respond to the challenges posed by climate change. These regional outreach events are a great opportunity to strengthen cooperation and intensify knowledge sharing between members from the same region. Our rich discussions highlighted the importance of fostering such tailored regional exchanges. It was also an excellent opportunity for me to learn from my colleagues in the Asia-Pacific region about the issues that matter most to them. I would like to thank Jessica Chew and her team at Bank Negara Malaysia for hosting this event, and all participants for sharing your insights! The journey towards a greener financial system is a collective effort, and I look forward to continuing our dialogue and our collaboration! Australian Prudential Regulation Authority | Bangko Sentral ng Pilipinas | Hong Kong Monetary Authority (HKMA) | Monetary Authority of Singapore (MAS) | Financial Services Agency, Japan (JFSA, 金融庁) | Bank of Japan | People's Bank of China | Reserve Bank of India (RBI) The World Bank | Deutsche Bundesbank | Banque de France #NGFS #Climate #Finance #Economy #SustainableFinance

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SUSTAINABILITY LEADERSHIP SERIES This is a pretty interesting infographic. You can read the details here --> https://lnkd.in/gGQEuB97 The author started with #ClimateChange via disasters in ASEAN, then talks about the ASEAN power grid and how governments need to work together. Then she talks about blended #finance and climate finance, and wondered where the COP29 commitment of US$300 billion is coming from. She did a good job detailing where the #money can come from. However, I'm of the opinion that she touched on too many areas without nailing a single one by focusing on weather disasters. Here's my additional angle...Let's return to the basics of #business. 1) Financing means its a loan. Its not a gift. It means that borrowers must have the ability to pay back the loan amount plus interest. 2) This means that each project needs to be bankable, i.e., there's a cash waterfall through revenues generated by the project which must cover principal & interest payments, depreciation, operating expenses, etc. It means that the project needs to be profitable. The revenues generated is in pt 3 below 3) There is a need for a product off-taker, i.e., for a wind farm, someone needs to guarantee that he'll buy that renewable energy at a certain price & volume for a specific period. 4) Regular (and better to be automated) payments to lenders are essential to ensure project lenders are compensated for their risks in a timely manner 5) Not forgetting that the project investors also need to get paid for the risks they're taking to fund this project as well. At the end of the day, its all about business #economics. No amount of climate activism will bring lenders to the table (yes, including Multilateral Development Banks like ADB and World Bank) if the project is unbankable. Business is about #trust and #performance. The funds will flow, but only if the project makes sense. Happy to hear your thoughts as well... #LBFalumni #SkyHighTower I write broadly on #Sustainability. You can find my collection of thematic sustainability postings here --> https://lnkd.in/gmK6cbMV

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🎉 Just had an incredible experience attending National Climate Governance Summit 2024 last week! 🎉 #Climate #Governance #Malaysia #NCGS #CGM #CGmalaysia - via #Whova event app. Thanks to CIMB GCAD giving me this opportunity to attend the summit. My key takeaways in this summit are as follows: 1️⃣ Set ambitious sustainability and climate goals, targets and metrics; 2️⃣ Implement, monitor and track the sustainability and climate goals, targets and metrics; and 3️⃣ Report and disclose all your sustainability and climate efforts. “We are the first generation to feel the impact of climate change and the last generation that can do something about it” - Barack Obama Let’s take ACTION now.

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The ESG wave has definitely not payed a good service to sustainability in the FSI, positioning climate action in the unexciting space of compliance, miles away from having any impact on both the environment and the bank bottom-line. From retail banking to private banking, most players do not shine for their sustainable line-up. A recent study I ran on European private banks shows that defining three evolutionary archetypes for the industry based on strategic significance and scale: - a large number players are purely Compliant, focusing on minimal #ESG regulatory adherence; ​ - a limited group of small operators are Selectors prioritizing out-of-the-box ESG products but limited by scale; and ​ - only a handful of private banks like Lombard Odier Group are Leaders sustainability as a strategic differentiator.​​ Perhaps, something is slowing changing now. Morgan Stanley's recent report, "Sustainable Signals: Understanding Corporates’ Sustainability Priorities and Challenges," highlights that value creation is the primary motivation for companies to pursue sustainability strategies, with 85% of companies viewing sustainability as either primarily or partly a value creation opportunity. Regulatory compliance and moral responsibility also play significant roles. The survey, which included over 300 companies from North America, Europe, and Asia, reveals that access to capital is crucial for sustainability efforts, with 84% of respondents emphasizing the importance of investor support. However, the high level of investment required is the most significant barrier, with 70% identifying it as a considerable hurdle. Furthermore, sustainability is becoming more integrated into core business strategies, with 55% of respondents incorporating sustainability criteria into key business decisions. Despite this progress, only 37% of boards have sustainability expertise, indicating a need for further education in areas like sustainability regulations and financing instruments. As companies continue to align sustainability with their business objectives, there is a growing recognition of its potential to drive long-term value and reduce risks. https://lnkd.in/dFTyE7tW ​​

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Riverstone Environmental Sdn Bhd is proud to share the stage with esteemed speakers at a recent workshop on EU Carbon Border Adjustment Mechanism (CBAM). Curated by MIDA and Alliance Bank Malaysia, about 100 participants, mostly manufacturers, exporters and industry consultants, attended to gain insights into CBAM compliance process, its complexity and tips on getting ready to navigate the EU carbon policy. In the near future, Malaysian businesses can expect similar border carbon adjustments (BCAs) in other countries/ markets. https://lnkd.in/gda5U2zf

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Tenaga Nasional Berhad (TNB) has made history by becoming the first electricity utility in ASEAN to launch a Transition Finance Framework aimed at funding its shift towards a low-carbon future. Developed with the support of Maybank Investment Bank, which acted as the Sustainability Framework Adviser, the framework has received a positive assessment from global ESG research firm Morningstar Sustainalytics. The framework outlines strict criteria for projects that contribute to TNB's energy transition, enabling the company to issue green bonds, SRI Sukuk, and other sustainability-linked financial instruments. These funds will be directed towards initiatives that reduce emissions and create environmental and social benefits, aligned with the ASEAN Taxonomy for Sustainable Finance and Malaysia’s National Energy Transition Roadmap. The Transition Finance Framework aligns with global standards, including the ICMA Green, Social, and Sustainability Bond Principles and Malaysia’s SRI Sukuk Framework. #BetterBrighter

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1.           On 26 September 2024, #MITI launched the Circular Economy Policy Framework for the Manufacturing Sector in Malaysia. This policy aims to reformulate fossil-fuel-based industrial models and catalyse green growth practices across the manufacturing value chain. 2.             The Framework is has two key targets: one, to elevate the manufacturing sector’s contribution to GDP from its current baseline of 24%, but via more sustainable ways; and two, to reduce the sector’s CO2 and GHG emission from the current 20% contribution, which will feed into our national climate change reporting in terms of emissions from production processes, and consumption of fuel or energy. 3.           The Framework has also been designed to complement targets under the New Industrial Master Plan 2030 (#NIMP2030), the National Energy Transition Roadmap (NETR), the National Industry Framework for ESG (i-ESG) and the Green Investment Strategy (GIS). 4.           In achieving circularity, MITI would like to urge all industries and manufacturers to rethink their operations and adopt more innovative approaches to be part of the circular economy ecosystem. 5.           For far too long, generally, waste and pollution management has largely been the responsibility of the Government. Achieving Net Zero by 2050 must be a whole-of-nation effort, and I am pleased to note that the industry is now more willing and proactive to play a bigger role in driving sustainable manufacturing. 6.           This Framework is meant to guide and accelerate efforts by both the Government and the manufacturing sector towards a circular economy. 7.           Through the implementation of the Framework, we also hope to attract more green investments, as outlined in our GIS, which, in turn, will enable the growth of a green economy. This will result in the production of new sustainable industries and products, opening up new business opportunities for our industry. 8.           Climate change impact is merciless and waits for no one. So, we must work collectively for an effective circular economy to grow sustainably. #ThisIsWhereGlobalStarts #TZA

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"A journey of a thousand miles begins with a single step". Today, Bursa Carbon Exchange (BCX) successfully carried out our inaugural auction of Malaysia's first carbon credits generated from the Kuamut Rainforest Conservation Project, located in the state of Sabah, a project by Permian Global. Bursa Malaysia's gratitude to the following companies who have shown support for our domestic carbon credits: BBB Asia Capital Berhad CIMB Eco Green Carbon Ventures Sdn. Bhd. Gas Malaysia Maybank PETRONAS TROX Malaysia Yinson https://lnkd.in/gUcHh9Qd As Malaysia embarks on our Net Zero journey, we recognize that carbon market can be an effective mechanism to support a transition towards a lower carbon economy. We are delighted to learn that YB Nik Nazmi Nik Ahmad's messages today resonate with our call for a form of carbon pricing instrument: "The bill, which emphasises on pollution control, will simultaneously contribute to disaster mitigation and help lessen the negative impacts on the business sector. The bill aims to regulate major polluters, including companies within the country". https://lnkd.in/gk5j_VTG #CarbonMarketFramework #ClimateActions

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TDM – a wrong plantation bet I originally viewed TDM as a plantation Group with a healthcare arm. About 17 years ago, the healthcare segment only accounted for about 16% of the Group revenue. The Group plantation operations then was mainly in Malaysia and this accounted for a large part of the Group’s revenue. The Group decided to expand it plantations segment by venturing to Indonesia. It took several years to get this going such that the maiden revenue from the Indonesian plantation was only in 2013. By then the Group had “..earmarked that the growth of the plantation operations will be in Kalimantan.” But things began to go wrong with the Indonesian operations soon after. The losses and impairments got so bad that the Group announced its plans to sell the Indonesian assets in 2019. By 2023 it was still trying to complete the sale of its Indonesian assets. If not for the healthcare segment, which had grown to account for 56 % of the Group’s revenue in 2023, TDM would be in a worse shape. Moral of the story? Beware of companies announcing expanding into foreign countries as the Malaysian experience may not always be transferable. Given the poor plantation segment performance, the market took a dim view of the company despite a growing healthcare segment. I guess the market is still waiting for TDM to prove that it can recover from the Indonesian lesson. Refer to “Is TDM a value trap?” if you want to bet on its turnaround. 

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Kudos to MAS for accurately addressing the issues in the wealth industry with their latest circular. Why do banks' SoW guidelines sometimes seem off? Because they're written by people who think they know what it's like to be rich—while still checking their own bank account for salary crediting! Some Banks try to simplify Source of Wealth verification into a binary process rather than understanding the Art of being rich. In doing so, they end up with a one-size-fits-all approach, trusting a payslip from a young person earning $30k a month more than established salary benchmarks or rule that someone saving more than 60% of their income is being dishonest! I'm looking forward to the day someone cracks the code on verifying clients' source of wealth—so we can finally stop relying on crystal balls and magic 8-balls! https://lnkd.in/gjGFX-J4

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Malaysian Investment Development Authority launched the Domestic Investment Accelerator Fund (DIAF) - ESG Adoption Fund—to help Malaysian SMEs and mid-tier companies adopt ESG practices more effectively and faster for business sustainability. Check out our comprehensive hands-on guide to the grant application if you are seeking funds to improve or start your ESG and greenhouse gas emissions management strategy: https://lnkd.in/g35vd5V5 #MIDA #ESGgrant #funding

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I have written an op-ed published in The Edge Malaysia on the problem being firms making commitments to cut emissions by a specified date in the future. The question is, why not just do it right now? "Net-Zero Emissions" are predominantly done by offsetting in Carbon Markets, such as the one launched by Bursa Carbon Exchange (BCX). The problem is that worldwide, offsetting projects are found to be very unreliable and dubious, and in some cases, even contributing to emissions themselves! We are merely betting in a leisurely fashion on future solutions, instead of urgently resolving the problem with our harmful carbon-producing industries now.  divestment from fossil fuels and carbon-intensive industries.  As I conclude: "We cannot afford any distractions in the form of the carbon market. The entire national and global community, encompassing the business, investing, and policymaking sectors, needs to be clear on the urgency of the matter and head rapidly towards an immediate downscaling. The world must head towards a full scaling down and halting of all harmful greenhouse gas emissions immediately." Read my fully article here: https://lnkd.in/gyq6SaiS

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KUALA LUMPUR (April 20): The long-awaited Energy Exchange Malaysia (Enegem) has finally been introduced, along with guidelines on cross-border electricity sales announced by the Ministry of Energy Transition and Water Transformation (Petra) last Monday for exports of green electricity from Malaysia to Singapore and Thailand. As Malaysia already exports oil and gas, the move is seen as a positive development for the country to become an energy hub for the region. This is in line with the National Energy Transition Roadmap (NETR) to transform the country’s energy sector. Last week, Petra announced that the maiden export of renewable energy (RE) would kick-start with a pilot auction of 100 megawatt (MW) to Singapore — that is less than 2% of the nearly 7,000 MW installed RE capacity in Peninsular Malaysia — before it is expanded to 300MW. The pilot project to export at least 100MW of RE to Singapore is one way to test demand while ensuring ample supply to the local market. Nonetheless, some have raised concerns that the government’s move to export the country’s RE could lead to Malaysia losing strategic investors to other countries in the region. In this issue’s cover story, The Edge looks at the government’s considerations involved in establishing the framework. Also read what industry players say about the development, as well as other solar energy-related announcements by the government in recent months, including the fifth instalment of the large-scale solar (LSS5) awards, additional net energy metering quota, and rebates for residential rooftop solar installations. What does the latest progress of the country’s RE sector mean to industry participants? How does the newly announced RE export mechanism work? To find out, grab a copy of The Edge Malaysia today.

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