Sunway, UOB Malaysia partner to advance net zero goal by 2050
By Sustainability Matters June 9, 2023
- Share research on developments and most recent sustainability practices
- Builds on two-decade partnership, embark on path to low carbon economy
Sunway Group and UOB Malaysia have inked a partnership which will see the two companies working together towards their shared mission to achieve net zero carbon emissions by 2050.
The MoU was signed between Sunway Group executive director Sarena Cheah and UOB Malaysia country head of Corporate Banking, Wholesale Banking Anita Tang, witnessed by Sunway Group CFO Chong Chang Choong and UOB Malaysia CEO Ng Wei Wei.
This collaboration will see Sunway and UOB Malaysia leveraging each other’s strengths and expertise to integrate sustainable financing solutions, infrastructure and technologies into various business divisions across Sunway’s ecosystem, including retail, hospitality, healthcare, property, construction and building materials.
These include joint capacity-building programmes and workshops to facilitate and to scale sustainability initiatives for tenants, lessees, and suppliers providing sustainability financing solutions to jumpstart investments into more sustainable infrastructure; as well as to address Scope 3 emissions.
In addition, research on developments and most recent sustainability practices will also be shared between the two brands and applied, where relevant.
“This MoU is a significant step forward for both Sunway and UOB Malaysia in our shared journey towards a low-carbon future. Our two-decade long partnership is testament to the role private sector players can play to advance the sustainability agenda together,” said Sarena.
Since 2015, Sunway has fully embraced the 17 United Nations Sustainable Development Goals (UN-SDGs) and took its commitment to the sustainability agenda one step further last year with the introduction of an internal carbon pricing framework to drive progress towards net zero carbon emissions by 2050.
Sunway is the first corporation in Malaysia, and among the first in Asia, to introduce such a robust carbon reduction strategy into its businesses.
Similarly, as an early adopter of ESG, UOB has developed comprehensive and market leading sustainable finance frameworks and solutions to help companies across ASEAN decarbonise and transition to net zero.
Ng said, “UOB is honoured to partner Sunway, a like-minded organisation to drive our net zero ambitions together. Today’s collaboration signifies the power of unity and the collaborative spirit that is required to make the change to a low-carbon economy. We are proud to bring our sustainable financing solutions, frameworks and expertise into this partnership to support Sunway’s diversified businesses and its ecosystem partners in their decarbonisation journey.”
Deliverables under the MOU will be rolled out progressively in the next few years. To kick-start their sustainability journey, Sunway’s partners, tenants and suppliers will be able to leverage UOB Malaysia’s online sustainability tool in the coming months to map out their actionable plans.