Malaysia
2023
September 8, 2023
Sofitel Kuala Lumpur Damansara
Malaysia’s transition to clean energy is a higher priority than ever, with new policy frameworks being designed to encourage the industrial growth and adoption of renewables. The Ministry of Economy estimates that the investments needed to make this happen amount to more than 600 billion ringgit (US$143 billion).
However, the country has historically been heavily dependent on fossil fuels, particularly the oil and gas sector, for jobs, exports and fiscal revenue. Blanket petrol subsidies remain in place to help the average Malaysian cope with the rising cost of living. In a bid to increase adoption of renewable energy, the government has gradually phased out electricity subsidies and boosted incentives for solar panel installations. The private sector has also stepped up with financing mechanisms to fund climate action, which include a newly launched carbon exchange and financing solutions for renewable energy and electric vehicles.
How can Malaysia unlock greater capital for a just and equitable transition? What frameworks are needed to mobilise transition finance for hard-to-abate sectors such as oil and gas, heavy industries, agriculture and shipping? What is the role of the board in driving this transition?
How will the country's carbon market and sustainability reporting mechanisms help pave the way towards fulfilling its nationally determined contributions, all while ensuring social and environmental protection?
Unlocking capital for sustainability 2023: Malaysia will convene leaders, directors, and decision makers to discuss the nuances of the current landscape for sustainable finance in the country and explore the opportunities ahead.
Note: A recording of the session will be made available to participants who register for virtual access to the event.
14:30
Registration
Speakers
Moderators
15:00
Welcome address
15:10
Opening keynote address
15:30
Fireside chat - Role of the board in driving an equitable transition
As stewards of good governance, boards pay a critical role in guiding their organisations through the growing array of regulations and navigating geopolitical and sustainability risks in a new, disrupted world order. As countries including Malaysia chart a way forward to respond to climate risks and decarbonise their economies in an equitable transition, directors have a fiduciary duty to guide their companies competently through this transformation — or face being voted against during elections by shareholders. What skill sets are required for directors to reshape their organisations and guide sustainability and climate reporting? As companies come under increasing scrutiny, how can they avoid allegations of greenwash? Join us for this fireside chat as we delve into the role of boards in driving a just transition in Malaysia and the region.
16:15
Plenary discussion: Powering a just transition for Malaysia
Malaysia has increasingly witnessed encouraging policy and regulatory developments in its renewable energy space in recent months. Now, it is up to the industry to leverage on these favourable conditions to meet the nation’s growing energy needs, all while balancing environmental and social sustainability.
This panel discussion features key players in Malaysia’s financial and energy sectors to discuss how they can advance the adoption of clean energy while accounting for the three prongs of the energy trilemma: security, affordability and environmental sustainability. It explores topics including sustainable taxonomies, carbon pricing mechanisms, the green skills gap and how firms can avoid transition-washing.
17:00
Q&A
Speakers
Moderators
17:15
Closing remarks
Speakers
Moderators
17:30
Refreshments and networking
Speakers
Moderators
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UOB
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of about 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. We believe in being a responsible financial services provider and we are committed to making a difference in the communities in which we operate.
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Centre for Asian Philanthropy and Society (CAPS)
Established in 2013, the Centre for Asian Philanthropy and Society (CAPS) is committed to improving the quantity and quality of philanthropic giving throughout Asia. Our mission is to improve the social investment sector in Asia by identifying and disseminating best practices, models, policies and strategies that can contribute to positive system change.
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UNDP
UNDP is the United Nations' lead agency on international development. We work in over 170 countries and territories, helping to eradicate poverty, implement the Paris Agreement on climate change and achieve the Sustainable Development Goals. We connect countries to the knowledge, resources and networks they need to achieve development breakthroughs.
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Climate Governance Malaysia
Climate Governance Malaysia (CGM) is the country chapter for the World Economic Forum's Climate Governance Initiative, whose purpose is specifically to raise awareness about the top financial risks arising from the climate emergency amongst non-executive directors. This Initiative has laid out 8 clear and comprehensive principles to help guide boards of directors. CGM was the second country chapter in the world to be launched and first in Asia.
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